155 EAST TROPICANA: Canpartners Accord Calls for Hotel Sale-----------------------------------------------------------Steve Green at Vegas Inc. reports that the Hooters hotel-casino inLas Vegas will be sold at auction under a deal disclosed in U.S.Bankruptcy Court on Nov. 29, 2011.

The report says as part of the agreement, Canpartners isn'tobjecting to a request by Hooters that its period to exclusivelypropose a plan of reorganization be extended indefinitely. Thishelps Hooters by preventing the filing of a rogue reorganizationplan that would be a distraction to the sales process.

The report relates that Innovation Capital LLC of El Segundo,Calif., has been marketing the property to potential buyers and itmay bring some bidders to the table, though Canpartners appears tohave the inside track at the auction. That's because Canpartnerscan essentially foreclose on the property by submitting a "creditbid," or a bid based on the Hooters debt it owns.

Vegas Inc. says, in abandoning efforts to seek investors to teamwith the property's existing owners, Hooters appears to have cometo the conclusion that this wouldn't make sense given existingownership's reluctance to pump more capital into the property.

The report says that's an argument made last month in court bylocal casino broker John Knott, who noted Hooters is so farunderwater with its creditors that "it's a stretch to expect arecapitalization to be successful."

The report adds that attorneys said an issue that may need to belitigated before the auction is whether Canpartners, should itacquire the property, be able to assert claims for a "deficiencyjudgment" -- its losses on paper based on the difference betweenthe amount of debt it holds and the sales price of the property.

About 155 East Tropicana

155 East Tropicana LLC owns the world's first Hooters CasinoHotel, a 696-room and 4-suite hotel located one block from the LasVegas Strip and across Tropicana Blvd. from MGM Grand.

155 East Tropicana, along with an affiliate, sought Chapter 11protection (Bankr. D. Nev. Case No. 11-22216) on Aug. 1, 2011.155 East sought bankruptcy protection to stop a scheduled Aug. 8foreclosure of the second-lien debt. The two secured creditfacilities were accelerated early this year.

Canpartners Realty Holding Co. IV LLC acquired 98.4% of the$130 million in 8.75% second-lien senior secured notes. Anadditional $32.2 million of interest is owing on the second-liendebt, with US Bank NA as the indenture trustee. Holders of the$14.5 million in first-lien debt have Wells Fargo Capital FinanceInc. as their agent. The first-lien obligation is fully secured.Interest has been paid at the default rate.

Gerald M. Gordon, Esq., and Brigid M. Higgins, Esq., at GordonSilver, in Las Vegas, Nevada, serve as counsel to the Debtors.Garden City Group, Inc., is the claims agent. William G. Kimmel &Associates has been hired to provide an appraisal of the Debtors'casino hotel/property. Alvarez & Marsal serves as financial andrestructuring advisor. Innovation Capital LLC serves as financialadvisor for capital raising transactions and M&A transactions.

315 UNION: Hunter Realty Completes Asset Sale---------------------------------------------Officials at Hunter Realty disclosed that the firm has brokeredthe sale of the Hotel Indigo in the heart of downtown Nashville,Tenn. The hotel was marketed as part of an urban, two-building,mixed-use high-rise that also includes retail, office space andprivate apartments. A private investment group, TN Nashville LLC,acquired the historic former bank office complex for $14.4million. Teague Hunter, president, and Brown Kessler, executivevice president, brokered the transaction.

"This was an extremely complex transaction, with lots of movingparts that had to come together," Hunter said. "First, theproperty was in bankruptcy, and Hunter Realty was brought in bythe trustee because of Brown's in-depth experience with IHG brandsand Hunter Realty's record of success with both troubled and cash-flowing hotels. We've worked with many lenders and all of thespecial servicers on distressed hotels over the past four years.

"Second, the property was a mixed-used, urban re-development oftwo bank buildings. In addition to the 97-room Hotel Indigo, theclassic two-building complex included 18 luxury apartments on thetop three floors and 44,000 square feet of office space, as wellas a leased Starbucks on the ground floor," he said. "Thecomplexity of the property translated into several issues forwhich we were able to provide in-depth counsel, ranging fromoffice space encumbered by a below-market lease to lack of hotel-owned parking. Third, the hotel had been operating under IHG'sHotel Indigo brand for less than a year and was still ramping up,so the project was sold on upside potential.

"One of the major advantages we brought to the table, literally,was a seasoned former IHG executive, Brown Kessler, who joined ourfirm a year ago after serving for 16 years as IHG vice presidentof franchise development. Brown was directly responsible foroverseeing the development of six of IHG's hotel brands, includingHotel Indigo, Crowne Plaza, Holiday Inn, Holiday Inn Express,Staybridge Suites and Candlewood Suites. His intimate knowledgeof the company and its brands, as well as his strong relationshipwith the many franchisees were invaluable to the process."

Hunter pointed out that those kinds of personal connectionsenabled the firm to target its marketing and market the complexmore widely, which generated strong interest from many qualifiedbuyers. In the end, the firm received 11 competitive offers. "Thetrustee achieved its pricing goals, and the buyer sees tremendousupside potential with total ramp up. The key was Brown's first-hand knowledge of IHG-branded hotels and the qualified potentialbuyers he was able to bring to the deal."

Hunter explained that over the years, the firm has developedstrong relationships with the major hotel brands. "We are inregular contact with all of the brands, including IHG, as well asthe owners and franchisees. IHG-branded hotels have held up wellin a challenging economy and have distinguished themselves in therecovery. In this particular case, the Hotel Indigo brand was amajor plus and enabled us to achieve an attractive price."

Located at 301 Union Street in the heart of downtown Nashville,the two adjacent former bank office buildings, 14 and 15 storieshigh, built in 1909 and 1926, are minutes from the State Capitol,County Courthouse, Ryman Auditorium and Printer's Alley and majorbusinesses.

About Hunter Realty

Hunter Realty -- http://www.HunterHotels.net/-- is an award- winning firm founded in 1978, has offices in Atlanta, Dallas, LosAngeles, Miami, New York and Washington, D.C. Hunter's exclusivefocus is on hotel investment advisory services.

About 315 Union Street Holdings

Hotel Indigo is a 10-story boutique hotel in downtown Baltimore.Owners of Hotel Indigo filed for bankruptcy under Chapter 11 toavoid foreclosure. The Company said it owes more than $14 millionto several creditors.

315 Union Street Holdings, LLC, filed for Chapter 11 bankruptcyprotection (Bankr. M.D. Tenn. Case No. 10-13106) on Dec. 3, 2010.According to its schedules, the Debtor had $13,162,646 in totalassets and $25,484,852 in total debts as of the Petition Date.Steven L. Lefkovitz, Esq., of Lefkovitz & Lefkovitz, serves asbankruptcy counsel to the Debtor.

In November 2011, the bankruptcy judge converted the Chapter 11cases of 315 Union Street Holdings, LLC, and Union Street PlazaOperations, LLC, to that under the Chapter 7 of the BankruptcyCode. Robert H. Waldschmidt, the Chapter 11 trustee, requestedfor the conversion of the Debtors' cases.

ABITIBIBOWATER INC: Moody's Says Fibrek Offer No Impact on 'B1'---------------------------------------------------------------Moody's Investors Service commented that the ratings ofAbitibiBowater Inc., including the B1 corporate family rating andthe stable rating outlook, are unaffected by the company'sunsolicited offer to acquire Fibrek Inc (B2, stable) for CND$235million (including an expected paydown of Fibrek's debt). ABI hasannounced that it plans to finance the acquisition using cash onhand and through an issuance of shares. If the acquisition closesas expected, it will slightly improve ABI's gross leverage metricsand modestly lessen the company's exposure to declining newsprintmarkets.

For more information, please see the Issuer Comment onAbitibiBowater Inc. dated November 29, 2011 posted onhttp://www.moodys.com

Please see ratings tab on the issuer/entity page on Moodys.com forthe last Credit Rating Action and the rating history.

The principal methodology used in rating AbitibiBowater Inc. wasthe Global Paper and Forest Products Industry Rating Methodologypublished in September 2009.

ABI produces various grades of newsprint, commercial printing andpackaging papers, market pulp and wood products. The company isthe largest producer of newsprint in the world with worldwidecapacity estimated at 3.3 million metric tons (or approximately 9%of worldwide capacity), and its North American production capacityis approximately 3.1 million metric tons, representing about 37%of North American capacity. ABI was created by the October 29,2007 combination of Bowater and Abitibi Consolidated Inc in amerger of equals. The registered office of ABI is located inWilmington, Delaware, (United States) and the principal office islocated in Montreal, Qu‚bec (Canada). ABI intends to change itslegal name to Resolute Forest Products upon shareholder approvalat its 2012 annual general meeting. LTM September 2011, ABIgenerated revenue of $4.9 billion. Fibrek is a producer andmarketer of premium virgin and recycled kraft pulp, with totalannual production capacity of 760,000 tonnes from three NorthAmerican mills.

Consistent free cash flow will enable AMD to continue reducingdebt, since the company guided that it will deleverage the balancesheet in order to strengthen its credit profile. AMD reduced theface value of its debt by approximately $150 million though openmarket repurchases of its convertible notes due 2015 during thequarter ended Oct. 1, 2011.

Fitch estimates the company will have adequate cash available tomeaningfully reduce debt by repaying $485 million of convertiblenotes maturing in August 2012. The company guided that it wantsto maintain $1.5 billion of cash on the balance sheet. However,with approximately $1.8 billion of available cash as of Oct. 1,2011 and aforementioned expectations for free cash flow, Fitchbelieves cash balances could approach $2 billion by August 2012.

Fitch believes the company's diversification of foundry partnersessential to improving AMD's ability to keep pace with IntelCorporation's (Intel) migrations to next generation technologynodes. GLOBALFOUDRIES (GF) currently manufactures the majority ofAMD's microprocessors, including the company's acceleratedprocessing units (APU), but GF's manufacturing missteps during thethird quarter constrained AMD's supply of mobility APUs. However,AMD's expansion of its partnership with Taiwan SemiconductorManufacturing Corp. (TSMC) and qualifications with other foundriesshould provide AMD with second source suppliers.

Profitability has improved, but Fitch anticipates operatingprofitability will remain in the break-even to upper single digitrange, depending upon highly cyclical revenue levels.AMD recently announced another round of restructuring, whichshould lower annual operating expenses by $115 million beginningin 2012. At the same time, AMD's operating leverage remainssubstantial with research and development (R&D) critical to nextgeneration technology and product development and gross marginslargely a function of product mix.

As of Oct. 1, 2011, Fitch believes AMD's liquidity is sufficientand supported by $1.8 billion of cash and cash equivalents. Thecompany has no revolving credit facility (RCF) and recently wounddown its receivables sales facility with IBM. Fitch's expectationfor annual free cash flow of up to $500 million also supports thecompany's liquidity. The ratings incorporate the company meetingat least the majority of its upcoming $485 million convertiblenote maturing in 2012 with available cash.

Total debt was approximately $2.1 billion as of Oct. 1, 2011 andconsisted of:

AMD's Recovery Ratings (RRs) reflect Fitch's belief that thecompany would be reorganized rather than liquidated in abankruptcy scenario. This is given Fitch's estimates that AMD'sreorganization value of approximately $1.5 billion exceeds aprojected liquidation value. Furthermore, Fitch believes AMD'srole as a credible viable alternative microprocessor supplier toIntel also supports reorganization rather than liquidation of AMDin a bankruptcy scenario. To arrive at a reorganization value,Fitch assumes a 5x reorganization multiple, and applies it to itsestimate of distressed operating EBITDA of $290 million, whichcovers estimated annual fixed charges, resulting in an adjustedreorganization value of $1.3 billion after subtractingadministrative claims.

Based upon these assumptions, Fitch estimates recovery for theestimated $2.1 billion of senior unsecured debt has increased to51%-70%, resulting in Recovery Ratings of 'RR3'.

Sitrick was the Debtors' corporate communications consultantbefore the Petition Date. They desire to continue to employSitrick pursuant to an engagement letter, dated July 11, 2011,because of the Firm's familiarity with the Debtors' businessoperations and its substantial expertise in restructuring andcorporate communications.

The Debtors anticipate that Sitrick will provide, among otherthings, professional services that may include, withoutlimitation, writing and distributing press releases, consulting onpublic relations strategy, media relations, and media monitoringin connection with the Chapter 11 cases as well as advising oncommunications programs for various constituents, includingclients.

The Debtors will pay Sitrick its standard hourly rates, whichrange from $185 to $895, depending on the particular professional.Sitrick has received a $60,000 retainer, of which $10,000 is arefundable expense advance to cover reasonable and necessary out-of-pocket expenses incurred by the Firm. When the retainer hasbeen fully applied against time charges, additional time chargeswill be billed as incurred.

The Debtors have also agreed to indemnify and hold harmlessSitrick and its shareholders, parent company, affiliates,officers, directors, employees, and agents in connection withservices rendered by the firm.

Sitrick attests that it does not hold or represent any interestadverse to the Debtors' estates and is a disinterested person asthe term is defined in Section 101(14) of the Bankruptcy Code.

About Alexander Gallo

Marietta, Georgia-based Alexander Gallo Holdings LLC --http://www.alexandergalloholdings.com-- is the largest full service, IT-enabled court reporting and litigation supportservices company in the United States. AGH offers courtreporting, litigation support, trial software and other similarservices and has the only true national footprint in its market,with roughly 55 offices located throughout the United States, anda preferred provider network which serves as an extension ofAlexander Gallo's geographic reach. Founded in 1999 by AlexanderJ. Gallo, a former court reporter, AGH has made 18 acquisitionssince 2003. Mr. Gallo has remained as CEO.

AGH, along with affiliates, filed for Chapter 11 protection(Bankr. S.D.N.Y. Lead Case No. 11-14220) on Sept. 7, 2011.Alexander Gallo will sell the business via 11 U.S.C. Sec. 363 toBayside Capital Inc., which had acquired $22 million in second-lien debt. The price wasn't disclosed.

Alexander Gallo disclosed assets of $208 million and debt totaling$258 million as of June 30, 2011. Liabilities include $47 millionon a first-lien revolving credit and term loan where Wells FargoBank NA is agent. In addition to the second-lien debt held byBayside, there is $33 million in junior unsecured subordinatednotes owing to Harvest Equity Partners LLC plus another$148 million in junior unsecured subordinated notes owing toinsider Gallo Holdings LLC. As reported in the Troubled CompanyReporter on Nov. 1, 2011, the Alexander Gallo disclosed$41,981,048 in assets and $259,153,046 in liabilities as of theChapter 11 filing.

Bayside is providing $20 million in financing for the Chapter 11effort. The new loan will have a first priority lien onunencumbered assets and a lien behind the first-lien debt.

According to the Troubled Company Reporter on Oct. 28, 2011, thestipulation was entered between Allegheny and the petitioningcreditors -- Aven Gas & Oil, Inc., Interstate Gas Marketing, Inc.,and Graig Berland.

The terms of the stipulation include, among other things:

1. Dismissal of the involuntary case is granted without prejudice to the rights of the Petitioning Creditors to refile an involuntary case if the reputed Debtor would be found in material breach of the terms of the settlement agreement;

2. In the event that a party would request the Court to enforce the agreement, or take any other action with respect thereto, the request will be filed under seal and accompanied by a copy of the agreement; and

3. The Court will retain jurisdiction over the case for the purpose of enforcing the provisions of the agreement, and the parties specifically consent to the jurisdiction of the Court.

TriEnergy OIl & Gas, Inc., indicated that it would not oppose thesettlement.

Terry L. Graffius, Esq., in behalf of AWS, Inc., a respondent,consented to the stipulated order dismissing case.

Based in Sewickley, Pennsylvania, Allegheny Natural Resources Inc.operates 66 gas wells in Pennsylvania and has more than 1,200acres under lease in Jefferson County. Allegheny was named in aninvoluntary Chapter 11 bankruptcy petition (Bankr. W.D. Pa. CaseNo. 11-24265) on July 5, 2011.

Judge Judith K. Fitzgerald presides over the case. The Court hasdesignated H. James Adams as principal operating officer of theDebtor. Allegheny is represented by Robert X. Medonis, Esq.

AMARANTH II: Has Access to RRE VIP's Cash Collateral Until Dec. 31----------------------------------------------------------------The Hon. Brenda T. Rhoades, of the U.S. Bankruptcy Court for theEastern District of Texas authorized, on a final basis, AmaranthII, LP, to use the cash collateral.

As reported in the Troubled Company Reporter on Nov. 15, 2011, RREVIP Amaranth, LLC, asserts a claim against the Debtor in theoutstanding amount of at least $23,203,901 as of the PetitionDate, plus all other obligations and liabilities. The Lenderasserts that the debt is secured by liens and security interestsin, among other things, the Debtor's real property located atNorth 2500 Windhaven Parkway in Lewisville, Texas and all of theDebtor's personal property.

RRE VIP has consented to the Debtor's use of cash collateral topay the ordinary course business operations and to maintain thevalue of its bankruptcy estate until Dec. 31, 2011.

The Court also ordered that the Debtor will maintain an debtor-in-possession account at Bank of America. The Debtor will promptlydeposit, and deposit on a daily basis, into the DIP account allproceeds and collections from the collateral, all cash collateral,and all cash and revenue generated by the Debtor's businessoperations or otherwise received.

As adequate protection for any diminution in value of the lenders'collateral, the Debtors will grant the lender replacement liensagainst the Debtor's real property and all of the Debtor'spersonal property, and a superpriority administrative expenseclaim status.

To the extent the replacement liens fail to adequately protect thelender for any diminution in value, the lender will be grantedvalid, binding, enforceable, and automatically perfectedadditional liens and security interests, in, to, and against anyand all properties and assets of the Debtor, real or personal.

AMERICAN APPAREL: William Mauer Elected Class B Director--------------------------------------------------------The board of directors of American Apparel, Inc., elected WilliamMauer as a Class B director and as a member of the Audit Committeeand Compensation Committee of the Board.

The Board has determined that Mr. Mauer meets the definition of"independent director" and the requirements to serve on the AuditCommittee, as set forth in Sections 803A and 803B(2),respectively, of the NYSE Amex Company Guide, and that Mr. Mauerqualifies to serve as a "financial expert" according to therequirements of SEC Regulation S-K Items 407(d)(5)(ii) and407(d)(5)(iii).

As a director, Mr. Mauer will be eligible to receive compensationin the same manner as the Company's other directors.

Mr. Mauer has been a senior partner at the law firm of Lapin Mauersince 1986. He has practiced as an attorney for 44 years,specializing in Real Estate and Financial Transactions. Mr. Mauerhas also served as Governor of Bar of Quebec since 2008.Additionally, he served as a director and audit committee memberof Republic National Bank from 1983 to 2000. Mr. Mauer receivedhis law degree from McGill University and his Bachelor of Artsfrom Concordia University.

As previously disclosed, on July 11, 2011, the Company received aletter from the NYSE Amex LLC advising that (i) the Company wasnot in compliance with Section 803(B)(2)(a) of the Company Guide,which requires that the Audit Committee consist of at least threemembers, and (ii) the Company's Board had a structure which wasnot in compliance with Section 802(d) of the Company Guide, whichthe Exchange interprets as requiring that the classes of aclassified board be of approximately equal size and that amajority of directors be elected every two years.

As a result of Mr. Mauer's appointment to the Audit Committee, theAudit Committee now consists of three members, which brings theCompany back in compliance with Section 803(B)(2)(a) of theCompany Guide.

The Wall Street Journal reports that Skadden, Arps, Slate, Meagher& Flom has been advising the company on its recent restructuringefforts alongside investment bank Rothschild Inc.

In April 2011, American Apparel said it raised $14.9 million inrescue financing from a group of investors led by Canadianfinancier Michael Serruya and private equity firm Delavaco CapitalCorp., allowing the casual clothing retailer to meet obligationsto its lenders for the time being.

Going Concern Doubt

Marcum LLP, in New York, in its audit report on American Apparel'sfinancial statements for the year ended Dec. 31, 2010, expressedsubstantial doubt about the Company's ability to continue as agoing concern.

As of April 30, 2011, the Company had approximately $8,000,000 ofcash, approximately $8,900,000 of availability for additionalborrowings and $46,100,000 outstanding on the credit facilityunder the BofA Credit Agreement and $1,400,000 of availability foradditional borrowings and $4,000,000 outstanding on the creditfacility under the Bank of Montreal Credit Agreement. As May 10,2011, the Company had approximately $5,941,000 available forborrowing under the BofA Credit Agreement and $1,481,000 availableunder the Bank of Montreal Credit Agreement.

American Apparel reported a net loss of $86.31 million on$532.99 million of net sales for the year ended Dec. 31, 2010,compared with net income of $1.11 million on $558.77 million ofnet sales during the prior year.

The Company also reported a net loss of $28.15 million on $389.76million of net sales for the nine months ended Sept. 30, 2011,compared with a net loss of $67.01 million on $389.02 million ofnet sales for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed $323.64million in total assets, $267.51 million in total liabilities and$56.12 million in total stockholders' equity.

Bankruptcy Warning

The Company incurred a loss from operations of $20,942 for thenine months ended Sept. 30, 2011, compared to a loss fromoperations of $38,167 for the nine months ended Sept. 30, 2010.The current operating plan indicates that losses from operationswill be incurred for all of fiscal 2011. Consequently, theCompany may not have sufficient liquidity necessary to sustainoperations for the next twelve months and this raises substantialdoubt that the Company will be able to continue as a goingconcern.

There can be no assurance that management's plan to improve itsoperating performance and financial position will be successful orthat the Company will be able to obtain additional financing oncommercially reasonable terms or at all. As a result, theCompany's liquidity and ability to timely pay its obligations whendue could be adversely affected. Any new financing also may besubstantially dilutive to existing stockholders and may requirereductions in exercise prices or other adjustments of theCompany's existing warrants. Furthermore, the Company's vendorsand landlords may resist renegotiation or lengthening of paymentand other terms through legal action or otherwise. If the Companyis not able to timely, successfully or efficiently implement thestrategies that it is pursuing to improve its operatingperformance and financial position, obtain alternative sources ofcapital or otherwise meet its liquidity needs, the Company mayneed to voluntarily seek protection under Chapter 11 of the U.S.Bankruptcy Code.

AMERICAN DIAGNOSTIC: Plan Filing Exclusivity Expires Today----------------------------------------------------------The Hon. Carol A. Doyle of the U.S. Bankruptcy Court for theNorthern District of Illinois previously entered an orderextending until Dec. 1, 2011, American Diagnostic Medicine, Inc.'stime to file a Plan of Reorganization and Disclosure Statement.

A status hearing regarding the filing of a plan and disclosurestatement will be held on Dec. 6, 2011 at 10:30 a.m.

As reported in the Troubled Company Reporter on Nov. 8, 2011, theDebtor related that the additional time to file the Plan willallow the Debtor to negotiate the terms of a consensual Plan withits secured creditors and the Official Committee of UnsecuredCreditors.

AMERICAN AIRLINES: Meeting to Form Creditors' Panel on Dec. 5-------------------------------------------------------------Tracy Hope Davis, United States Trustee for Region 2, will hold anorganizational meeting of creditors on Dec. 5, 2011, at 10:00 a.m.in the bankruptcy case of AMR Corporation and American AirlinesInc. The meeting will be held at:

Sheraton New York Hotel & Towers 811 7th Avenue New York, NY 10019

The sole purpose of the meeting will be to form a committee orcommittees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditorspursuant to Section 341 of the Bankruptcy Code. A representativeof the Debtor, however, may attend the Organizational Meeting, andprovide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section1102 of the Bankruptcy Code requires that the United StatesTrustee appoint a committee of unsecured creditors as soon aspracticable. The Committee ordinarily consists of the persons,willing to serve, that hold the seven largest unsecured claimsagainst the debtor of the kinds represented on the committee.Section 1103 of the Bankruptcy Code provides that the Committeemay consult with the debtor, investigate the debtor and itsbusiness operations and participate in the formulation of a planof reorganization. The Committee may also perform other servicesas are in the interests of the unsecured creditors whom itrepresents.

About American Airlines

AMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.

AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on $18.02billion of total operating revenues for the nine months endedSept. 30, 2011. AMR recorded a net loss of $471 million in theyear 2010, a net loss of $1.5 billion in 2009, and a net loss of$2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed$24.72 billion in total assets, $29.55 billion in totalliabilities, and a $4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.

AMERICAN AIRLINES: Moody's Downgrades PDR to 'D' on Ch. 11 Filing-----------------------------------------------------------------Moody's Investors Service downgraded the Probability of Defaultand Corporate Family ratings of AMR Corporation to D and Ca,respectively, upon the filing for bankruptcy in the SouthernDistrict of New York by it and certain of its subsidiaries,including American Airlines, Inc. Concurrently, Moody's alsolowered its ratings on each of the company's rated corporate debtobligations and Equipment Trust Certificates ("ETC") as denoted inthe debt list included herein and will withdraw these ratings aswell as the Corporate Family and Probability of Default ratings.

Moody's also downgraded its ratings on the American Airlines'Enhanced Equipment Trust Certificates ("EETC") Series 2001-1: A-Tranche to Ca from Caa1, B-Tranche to C from Caa2 and C-Tranche toC from Caa3. The ratings on the company's other EETCs (Series:2005-1, 2009-1, 2011-1 and 2011-2) have been placed on review forpossible downgrade.

Downgrades:

Issuer: AMR Corporation

-- Probability of Default Rating, Downgraded to D from Caa1

-- Corporate Family Rating, Downgraded to Ca from Caa1

Issuer: Alliance Airport Authority, Inc.

-- Revenue Bonds , Downgraded to C from Caa2

Issuer: American Airlines, Inc.

-- Senior Secured Enhanced Equipment Trust, Downgraded to a range of C to Ca from a range of Caa3 to Caa1

-- Senior Secured Equipment Trust, Downgraded to a range of C to Ca from a range of Caa2 to Caa1

While Moody's intends to withdraw Moody's corporate and ETCratings, Moody's expects to continue to provide ratings on thecompany's EETCs because of the structural benefits of thesefinancings, including the applicability of Section 1110 of theU.S. Bankruptcy Code and the support of related liquidityfacilities. However, these ratings have been placed on review forpossible downgrade because the company has not provided details ofits fleet plans. Moody's believes that the probability of Americanaffirming its obligations under most, if not all, of thesefinancings is high, because of either younger vintage aircraft,such as in Series 2009-1, or a large number of long-haul aircraft,such as in Series 2011-2. Nevertheless, the potential remains forthe aircraft that comprise the collateral of at least one of theseEETC financings to be excluded from the reorganized fleet as thecompany refines its network and prioritizes improvements in fuelefficiency. Moody's will consider the company's plans for each ofthe EETC financings and will resolve the review as the companymakes clear its intentions pursuant to its rights under Section1110 of the Code. Moody's believes that the protective features ofthese financings and the estimated loan-to-values that provide anequity cushion for the senior tranches indicate that thesefinancings should perform well.

The downgrades of the ratings on the Series 2001-1 EETC considerthe very weak collateral protection and the unattractiveness ofthe inefficient McDonnell Douglas MD-80 aircraft that comprise thecollateral of this lease financing.

The principal methodology used in rating AMR Corporation was theGlobal Passenger Airlines Industry Methodology published in March2009 and the Enhanced Equipment Trust And Equipment TrustCertificates Methodology published in December 2010. Othermethodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEApublished in June 2009.

AMR Corporation is based in Fort Worth, Texas. American Airlines,American Eagle and the AmericanConnection? carrier serve 260airports in more than 50 countries and territories with, onaverage, more than 3,300 daily flights.

AMERICAN AIRLINES: S&P Lowers Corporate Credit Rating to 'D'------------------------------------------------------------Standard & Poor's Ratings Services lowered its ratings on AMRCorp. and American Airlines Inc., including the corporate creditratings of both entities to 'D' from 'CCC+'. At the same time,Standard & Poor's removed those ratings from CreditWatch, where ithad placed them with negative implications on Nov. 17, 2011.

AMR's and American's bankruptcy filing occurred several weeksafter American's pilot union rejected a contract proposal butwhile further negotiations under a federal mediator were stillplanned. "The choice to file while AMR maintained adequateliquidity indicates that AMR's board of directors saw no earlyresolution to the labor talks, in our opinion. We believe theboard wanted to preserve the company's financial resources forreorganization," said Standard & Poor's credit analyst PhilipBaggaley.

Standard & Poor's also lowered its issue-level ratings, includingratings on unsecured debt, secured debt, and airport revenuebonds, to 'D' and removed all ratings from CreditWatch. Therecovery ratings on the companies' unsecured and secured debtremain unchanged at this time.

"We are lowering our ratings on American's enhanced equipmenttrust certificates, but these obligations remain current. Theyhave dedicated liquidity facilities, and most are secured byaircraft that we believe American is likely to keep," Mr. Baggaleysaid.

Standard & Poor's believes that AMR and American should be able toreorganize.

"American will likely lose some customers to competitors, but theexperience of large U.S. airlines that previously operated inChapter 11 and emerged successfully should limit passengerswitching," Mr. Baggeley said.

Also, American is the leading airline at several of its main hubs,notably Dallas/Fort Worth and Miami, and competitor airlines havelittle capacity to add passengers at a time when U.S. airlineindustry passenger loads (measured by percentage of seats filled,on a mile-weighted basis) are near historic highs.

AMERICAN AIRLINES: Gets Approval for Normal BUsines Operations--------------------------------------------------------------AMR Corporation, the parent company of American Airlines, Inc. andAMR Eagle Holding Corporation, disclosed that Judge Sean H. Laneof the U.S. Bankruptcy Court for the Southern District of New Yorkyesterday granted approval of a series of first day motions filedby the Company to help facilitate American's and American Eagle'scontinued normal business operations throughout the reorganizationprocess.

The Company also reported that, as expected, American and AmericanEagle continued normal operations yesterday, with flights,reservations, baggage handling, customer service and otherfunctions operating as usual.

"American continues to make progress on our path to a successfulfuture," said Tom Horton, Chairman, President and Chief ExecutiveOfficer of AMR and American Airlines. "The Court's immediateapproval of key motions ensures that customers around the worldcan continue to rely on American and American Eagle for safe,reliable and convenient air travel. As American's employees havecontinued to demonstrate, we are committed to our customers and weare confident in our future."

As announced earlier yesterday, AMR and certain of its U.S.-basedsubsidiaries filed to reorganize under Chapter 11 in the U.S.Bankruptcy Court for the Southern District of New York. The casenumber for AMR is 11-15463, and the case number for AmericanAirlines is 11-15464. More information about American AirlinesChapter 11 filing is available on the Internet atAA.com/restructuring.

AMR's lead counsel is Weil, Gotshal & Manges LLP and its financialadvisor is Rothschild, Inc.

About American Airlines

AMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.

AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on $18.02billion of total operating revenues for the nine months endedSept. 30, 2011. AMR recorded a net loss of $471 million in theyear 2010, a net loss of $1.5 billion in 2009, and a net loss of$2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed$24.72 billion in total assets, $29.55 billion in totalliabilities, and a $4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.

AMERICAN AIRLINES: Wilmington Trust Says It's Not A Creditor------------------------------------------------------------Wilmington Trust, a leading provider of institutional trustee,agency, and administrative services through its Corporate ClientServices (CCS) business, publicly clarified that it is not acreditor to AMR Corporation (AMR), the parent company of AmericanAirlines, which filed for Chapter 11 protection on Nov. 29, 2011,in the U.S. Bankruptcy Court for the Southern District of NewYork.

Some media news stories have incorrectly identified WilmingtonTrust as a creditor. Wilmington Trust is not a lender to AMR. Thebankruptcy filing of AMR poses no credit or investment risk toWilmington Trust. In the AMR bankruptcy filing, Wilmington Trustserves multiple trustee roles representing various lenders andequity investors, but has no economic stake in AMR.

About American Airlines

AMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.

AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on $18.02billion of total operating revenues for the nine months endedSept. 30, 2011. AMR recorded a net loss of $471 million in theyear 2010, a net loss of $1.5 billion in 2009, and a net loss of$2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed$24.72 billion in total assets, $29.55 billion in totalliabilities, and a $4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.

AMERICAN AIRLINES: GAP Expects Business As Usual at Airports------------------------------------------------------------Grupo Aeroportuario del Pacifico, S.A.B. de C.V., informed thatAMR Corporation, parent of American Airlines Inc. and AMR EagleHolding Company, has publicly announced, that with the goal ofachieving a cost and debt structure that is industry competitive,to assure its long-term viability and ability to continuedelivering a world-class travel experience for its customers, AMRand certain of its U.S.-based subsidiaries (including American andAmerican Eagle) filed voluntary petitions for Chapter 11reorganization in the U.S. Bankruptcy Court for the SouthernDistrict of New York.

AMR Corporation's Board of Directors assured that Chapter 11bankruptcy protection is in the best interest of the company andits shareholders. Similar to what competitors have done in recentyears, the Chapter 11 process permits American and American Eagleto continue operating flights normally during the reorganization.In addition, both companies will continue to operate normally as aresult of the availability of approximately US$4.1 billion incash.

To date, AMR Corporation, through its two subsidiaries Americanand American Eagle, operates at 6 of the 12 airports managed byGAP, (Aguascalientes, Guanajuato, Guadalajara, Morelia, PuertoVallarta and Los Cabos); From January to October 2011, AMRCorporation, through its subsidiaries, transported 695,893 totalpassengers at GAP's airports, which corresponds to 4.2% of GAP'snetwork.

About American Airlines

AMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.

AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on $18.02billion of total operating revenues for the nine months endedSept. 30, 2011. AMR recorded a net loss of $471 million in theyear 2010, a net loss of $1.5 billion in 2009, and a net loss of$2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed$24.72 billion in total assets, $29.55 billion in totalliabilities, and a $4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.

ATLANTIC & PACIFIC: Union Reaches Deal to Aid Bankruptcy Exit-------------------------------------------------------------After a year of intense negotiations, 13 Locals of the UFCW/RWDSUrepresenting some 36,000 union members from Maryland toConnecticut have concluded negotiations with The Great Atlanticand Pacific Tea Company (A&P) and affiliated companies who filedfor Chapter 11 bankruptcy in December of 2010.

Over a three-day voting period, union members from the 13 LocalUnions ratified, by a large majority, new contracts with thecompany. The new collective bargaining agreements wereconstructed in such a way as to allow A&P to rebuild and emergefrom bankruptcy, while at the same time protecting the jobs, themedical plans and pensions of the members of the various LocalUnions.

Throughout the bankruptcy proceedings the UFCW/RWDSU Local Unionshave remained united, negotiating as one group, to ensure the bestoutcome for the long term health of the company, the membersworking in the stores and the more than 300 communities A&P storesserve.

According to the UFCW/RWDSU this agreement, while concessionary innature, was necessary to save the jobs of tens of thousands ofmembers. UFCW Secretary Treasurer Marc Perrone said of the deal,"While we are never happy to be in the position of concessionarybargaining, we do believe that these agreements represent the bestoutcome for our members under the circumstances." Perronecontinued, "I am proud of the 13 UFCW/RWDSU Local unions who stoodunited and worked together to ensure that the new agreementsminimize the impact on the lives of our members while providingthe A&P companies with sufficient financial savings to help thememerge from bankruptcy."

Perrone also stated, "A&P's bankruptcy was entirely self-inflicted, as the company suffered through decades of leadershipthat knew very little about running a supermarket chain. Whilemost of the people responsible for the bankruptcy are no longerwith the company, we truly hope the new leadership teamunderstands and appreciates the sacrifice our members are makingto help save the companies they have served for years."

The new contracts were a condition to the financing for A&P'sproposed plan of reorganization, and if the new contracts had notbeen ratified by the 13 UFCW/RWDSU Unions, A&P could have facedliquidation.

The new contracts will last five years and will takes effect twobusiness days after bankruptcy court approval of the agreements. Abankruptcy court hearing on such approval is scheduled to takeplace on Dec. 5.

About Great Atlantic

Founded in 1859, Montvale, New Jersey-based Great Atlantic &Pacific is a supermarket retailer, operating under a variety ofwell-known trade names, or "banners" across the mid-Atlantic andNortheastern United States. Before filing for bankruptcy in 2010,A&P operated 429 stores in 8 states and the District of Columbiaunder the following trade names: A&P, Waldbaum's, Pathmark,Pathmark Sav-a-Center, Best Cellars, The Food Emporium, SuperFoodmart, Super Fresh and Food Basics. A&P had 41,000 employeesprior to the bankruptcy filing.

A&P obtained court approval for a new contract with C&S WholesaleGrocers Inc., its principal supplier. The contract is designed tosave A&P $50 million a year when the supermarket operator emergesfrom Chapter 11 reorganization.

A&P filed a proposed Chapter 11 plan founded upon a $490 milliondebt and equity financing announced this month. The proposedfinancing, tentatively approved by the bankruptcy judge, allowsA&P to accept a better offer if one appears. New investorssponsoring the plan include Yucaipa Cos., Goldman Sachs Group Inc.and Mount Kellett Capital Management LP.

BILL'S GAY: Files for Chapter 11 After Lease Talks Fails--------------------------------------------------------Lisa Fickenscher at Crain's New York reports that Bill's GayNineties filed for Chapter 11 bankruptcy protection after it wasunable to negotiate a lease extension with the building'slandlord. Its owner, Barbara Olmsted, said in court papers shestill hopes to reach an agreement with the landlord or to move thebusiness to a nearby location.

The report says Ms. Olmstead owes $40,000 in back rent. Thebusiness' other debts are relatively small, as well. Theestimated total debts are between $100,000 and $500,000.

The report adds that the filing also blames the bankruptcy on therecession and "the difficult climate facing New York restaurants."

Lawrence Morrison, Esq., represents the Company.

Bill's Gay Nineties is a restaurant located in a five-storytownhouse at 57 E. 54th St. in New York.

As of Nov. 7, 2011, and Sept. 30, 2011, respectively, the Companyhad 104,292,060 shares of Common Stock issued and outstanding and18,921,952 shares of Class B Common Stock issued and outstanding,based upon information provided in the Company's most recent Form10-Q, filed Nov. 14, 2011. The total number of shares of CommonStock and shares of Class B Common Stock issued and outstanding,based upon information provided in the Company's most recent Form10-Q, filed Nov. 14, 2011, is 123,214,012.

As previously reported by the TCR on March 28, 2011, Mr. Edelmandisclosed that he owns these shares of common stock:

Denver, Colo.-based BioFuel Energy Corp. (Nasdaq: BIOF) --http://www.bfenergy.com/-- aims to become a leading ethanol producer in the United States by acquiring, developing, owning andoperating ethanol production facilities. It currently has two115 million gallons per year ethanol plants in the Midwestern cornbelt.

The Company reported a net loss of $25.22 million on$453.41 million of net sales for the year ended Dec. 31, 2010,compared with a net loss of $19.70 million on $415.51 million ofnet sales during the prior year.

The Company's balance sheet at June 30, 2011, showed $311.74million in total assets, $219.59 million in total liabilities and$92.14 million in total equity.

The Company also reported a net loss of $14.81 million on$489.08 million of net sales for the nine months ended Sept. 30,2011, compared with a net loss of $24.16 million on $312.03million of net sales for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed$305.51 million in total assets, $210.43 million in totalliabilities, and $95.08 million in total equity.

Bankruptcy Warning

Should commodity margins narrow again and continue for an extendedperiod of time, the Company may not generate sufficient cash flowfrom operations to both service its debt and operate its plants.The Company is required to make, under the terms of its SeniorDebt facility, quarterly principal payments in a minimum amount of$3,150,000, plus accrued interest. The Company cannot predictwhen or if crush spreads will fluctuate again or if the currentcommodity margins will improve or worsen. If crush spreads wereto narrow again and continue there for an extended period of time,the Company may expend all of its sources of liquidity, in whichevent the Company would not be able to pay principal and intereston its debt. Any inability to pay principal and interest on theCompany's debt would lead to an event of default under theCompany's Senior Debt facility, which, in the absence offorbearance, debt service abeyance or other accommodations fromits lenders, could require the Company to seek relief through afiling under the U.S. Bankruptcy Code. The Company expectsfluctuations in the crush spread to continue.

BLUEKNIGHT ENERGY: To Present at Wells Fargo Annual Symposium-------------------------------------------------------------Blueknight Energy Partners, L.P., announced that James Dyer, chiefexecutive officer of BKEP's general partner, and Alex Stallings,chief financial officer and Secretary of BKEP's general partner,will present at the Wells Fargo Securities 10th Annual Pipelineand MLP Symposium at 3:55p.m., New York City time, on Tuesday,Dec. 6, 2011.

A copy of BKEP's handout materials for the conference will beavailable beginning at 10:00 a.m., New York City time, on Monday,Dec. 5, 2011. Investors and interested parties can access a copyof the presentation from the BKEP Web site at http://www.bkep.com/under the Investors tab.

The Company reported a net loss of $23.79 million on$152.62 million of total revenue for the year ended Dec. 31, 2010,compared with a net loss of $16.50 million on $156.77 million oftotal revenue during the prior year.

The Company also reported net income of $25.89 million on$131.12 million of total revenue for the nine months endedSept. 30, 2011, compared with a net loss of $10.60 million on$113.53 million of total revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed$320.77 million in total assets, $333.23 million in totalliabilities, and a $12.46 million total partners' deficit.

Avstar, founded in 2007, designs, manufactures and overhaulscarburetors and fuel injection systems for aviation industry.Avstar is the holder of Federal Aviation Administration PartsManufacturer Approvals for general aviation fuel systems. Avstargenerates sales primarily from new product sales and overhauls ofcarburetors and servos for the general aviation industry.

CANO PETROLEUM: Gets NYSE Notice for Low Stock Price, Late 10-Q---------------------------------------------------------------On Nov/ 30, 2011, Cano Petroleum, Inc. received a letter from NYSEAmex LLC indicating that the timely filing of Cano's Form 10-Q forthe period ended Sept. 30, 2011 is a condition for Cano'scontinued listing on the Exchange, as required by Sections 134 and1101 of the Exchange's Company Guide. Further, Cano's failure totimely file this report is a material violation of Cano's listingagreement with the Exchange and therefore, pursuant to Section1003(d) of the Company Guide, the Exchange is authorized tosuspend and remove Cano's securities from the Exchange unlessaction is taken to bring the Company into compliance with Sections134 and 1101 of the Company Guide by no later than Feb. 20, 2012.

Further, the Staff of NYSE Regulation's corporate compliancedepartment advised Cano that its common stock may not be suitablefor auction market trading due to its low trading price. TheStaff further advised Cano that, pursuant to Section 1003(f)(v) ofthe Company Guide, Cano's continued listing on the Exchange ispredicated on its effectuation of a reverse split within areasonable period of time, which the Staff has determined to be nolater than May 22, 2012. As a result of the foregoing, Cano hasbecome subject to Section 1009 of the Company Guide, whichpromulgates the procedures to be followed with respect tocompanies identified as being below the Exchange's continuedlisting policies and standards.

The Exchange previously cited Cano for equity and financialimpairment deficiencies on Oct. 26, 2011 and requested that adetailed plan to regain compliance be submitted by Nov. 28, 2011.

The Staff has requested that Cano's plan address the newdeficiencies identified in the Nov. 22, 2011 letter from theExchange. The Corporate Compliance Department management of theExchange will evaluate Cano's plan and determine whether itreasonably demonstrates Cano's ability to regain compliance withthe continued listing standards by the relevant deadlines. If theExchange accepts the Company's plan, the Company may be able tocontinue its listing during the plan periods, provided that theCompany demonstrates progress consistent with its plan andcomplies with other applicable Exchange listing qualifications.If the Company fails to submit a satisfactory plan or fails todemonstrate progress consistent with the plan accepted by theExchange, the Exchange may initiate delisting procedures. Duringthe plan period, the Company will be subject to periodic review todetermine whether the Company is making progress consistent withthe plan.

About Cano Petroleum

Cano Petroleum, Inc., is an independent Texas-based energyproducer with properties in the mid-continent region of the UnitedStates. Cano's primary focus is on increasing domestic productionfrom proven fields using enhanced recovery methods. Cano tradeson the NYSE Amex Stock Exchange under the ticker symbol CFW.

The Company reported a net loss of $185.70 million on$26.12 million of total operating revenues for the year endedJune 30, 2011, compared with a net loss of $11.54 million on$22.85 million of total operating revenues during the prior year.

The Company's balance sheet at June 30, 2011, showed$65.43 million in total assets, $118.80 million in totalliabilities, and a $53.36 million total stockholders' deficit.

Hein & Associates LLP, in Dallas, Texas, noted that the Companyhas suffered recurring losses from operations and has a netcapital deficiency that raise substantial doubt about its abilityto continue as a going concern.

Bankruptcy Warning

In the past, the Company's strategy had been to convert itsestimated proved undeveloped reserves into proved producingreserves, improve operational efficiencies in its existingproperties and acquire accretive proved producing assets suitablefor secondary and enhanced oil recovery at low cost. Due to theCompany's current financial constraints, including continuedlosses, defaults under the Company's loan agreements and theCompany's Series D Preferred Stock, no available borrowingcapacity, constrained cash flow, negative working capital, andlimited to no other capital availability, the Company is reviewingstrategic alternatives which include the sale of the Company, thesale of some or all of the Company's existing oil and gasproperties and assets, potential business combinations, debtrestructuring, including recapitalizing the Company, andbankruptcy. The Company continues to focus on cash management andcost reduction efforts to improve both its cash flow fromoperations and profitability.

CAPISTRANO TERRACE: Lawsuit Against Insurers Has Been Dismissed---------------------------------------------------------------Frank Shyong at the Orange County Register reports that acomplaint dated Oct. 12, 2011, filed by Capistrano Terrace Ltd.was dismissed on Nov. 16, 2011, but Capistrano Terrace Ltd. listedthe conduct of the two insurers -- Columbia Casualty Company andFederal Insurance Company -- as the primary reason the owners hadto file for bankruptcy filing.

According to the report, the complaint centers on a failure-to-maintain lawsuit that residents brought against the park in 2007.Capistrano Terrace alleged that the insurance companies mishandledthe trial, delayed settlement and exposed the park owners togreater liability.

"Left with its two insurers that continually refused to promptlysettle the claims against it, and faced with substantial liabilityfor both compensatory and punitive damages, as well as a secondand lengthy trial that would consume its employees' resources,(the owners) had no other option but to file for Chapter 11bankruptcy protection," say the report citing the complaint.

The report relates that Daniel Rudderow, Esq., attorneyrepresenting Capistrano Terrace Ltd., said the Company dropped thecomplaint because they are seeking a resolution to its complaintin the bankruptcy court.

The report says the timing of the bankruptcy filing was highlycontroversial, coming just two hours before the insurers agreed topay a $4.85 million settlement to the residents. The Company wasaccused of ulterior motives, but, Richard Julian, a former partnerin the park, called it a coincidence.

Mr. Shyong relates that all payments and settlements then fellunder control of a bankruptcy court. None of the money has beenpaid. Lisa Darling-Alderton, Esq., an attorney representingColumbia Casualty Company, said there are no plans to contest the$4.85 million settlement, he adds.

The report says the fate of the settlement has not been decided,but James Hinds, Esq., an attorney representing the residents inthe bankruptcy, said it could be used to finance a sale of thepark.

The report notes Mr. Hinds said a community meeting explaining thedeal is expected to take place in December.

CASCADIA PARTNERS: Court Dismiss Chapter 11 Case------------------------------------------------The Hon. William E. Anderson of the U.S. Bankruptcy Court for theWestern District of Virginia dismissed the Chapter 11 case ofCascadia Partners LLC because it could not develop a confirmableplan, and Wells Fargo Bank N.A. has argued and the Court concludedthat there is no equity in the real estate which forms the basisfor this single-asset Chapter 11 case.

The Debtor sought the dismissal, saying the real estate isencumbered by a deed of trust lien in favor of Wells Fargo whichwill not likely produce any equity for the unsecured creditors ifthe property is sold at foreclosure, which has been requested bythe bank.

"Additionally, we revised our issue-level rating on the company's$400 million first-lien facility to 'BB-' from 'B+'. The recoveryrating remains at '2', indicating expectations for substantial(70%-90%) recovery in the event of payment default," S&P said.

"The upgrade reflects the company's moderate de-leveraging tobelow the mid-5x level as a result of EBITDA growth," saidStandard & Poor's credit analyst David Tsui, "and our expectationthat the company will sustain leverage at or below its currentlevel."

"The ratings on CCC reflect our view that a recurring base ofrevenue, high renewal rates, and an entrenched customer base willcontinue to support consistent operating results," added Mr. Tsui,"despite high leverage and CCC's mature and relatively smalltarget market." "We expect incremental growth to come from newproducts and continued add-on sales."

"The outlook is stable and reflects our expectation that revenueand EBITDA will continue to grow at a modest pace fromcontribution of add-on product sales and additional operatingefficiencies, resulting in moderate de-leveraging in the nearterm. An ownership structure that we believe precludes materialand sustained reduction in debt currently limits a possibleupgrade. We could consider a lower rating if CCC experiences anyloss of significant customers, or engages in debt-financedacquisitions leading to and remaining above the 6x area," S&Psaid.

CENTURY PLAZA: Seeks to Employ Crane Heyman as Attorneys--------------------------------------------------------Century Plaza LLC seeks authority from the U.S. Bankruptcy Courtfor the Northern District of Indiana to employ Crane, Heyman,Simon, Welch & Clar as its counsel. The Debtor has selectedCrane Heyman because of that firm's considerable experience inmatters of this nature.

The Litigation arises out of the breach of numerous agreementsbetween the Plaintiffs and some of the Defendants, including, butnot limited to, Framework Agreements and Subscription andShareholders' Agreements, related to a joint venture between theparties to those agreements for the deployment of a 3.5GHzwireless broadband telecommunications network in 29 cities in thePeople's Republic of China. It addition, the Litigation arisesout of what the Plaintiffs allege to be deceitful representationsby certain of the Defendants in connection with the issuance oflicenses by applicable regulatory agencies in the PRC for theoperation of the Chinacomm Network. Finally, the Litigationinvolves the unauthorized removal of the signature of Colin TayYong Lee as an authorized signatory to a joint bank accountChinacomm Limited has with Standard Chartered Bank (HK) Limited,one of three Standard Chartered Bank (HK) Limited bank accounts inthe name of Chinacomm Limited and into which the Plaintiffsdeposited $4,749,599.

The Litigation seeks injunctive relief, damages, including, butnot limited to, loss of profits, restitution, reinstatement of anyfunds taken from the Standard Accounts, an accounting of any fundstaken from the Standard Accounts, court costs, and further andother relief as the Court may deem appropriate.

On Nov. 18, 2011, the High Court issued an ex parte order grantingthe Plaintiffs' application for injunctive relief, ordering thatChinacomm Limited, Thrive Century International Limited, NewtopHoldings Limited, Qiu Ping and Yuan Yi be restrained until furtherorder of the High Court from:

(i) dealing in the Standard Accounts;

(ii) incurring any liability, creating charges, mortgages, encumbrances or liens to the detriment of Chinacomm Limited;

(iii) transferring or changing the existing shareholdings or proceeding with deregistration or dissolution of Chinacomm Limited; and

(iv) disposing of any fixed or current assets of Chinacomm Limited.

In addition, the High Court ordered Qiu Ping, the president ofCECT Chinacomm Communications Co. Ltd. and CECT Chinacomm ShanghaiCo. Ltd., and Yuan Yi, the Chairman of the Board of these twocompanies, from disposing of or otherwise dealing with thesecompanies' assets locally or worldwide for purposes of the ordersin the amount of $4,749,599. Also, the High Court orderedChinacomm Limited, Qiu Ping and Yuan Yi to disclose all relevantinformation related to the Standard Accounts within 7 days of theaforementioned orders. The Injunction Order was to remain ineffect until Nov. 25, 2011.

On Nov. 25, 2011, the Injunction Order was continued by the HighCourt until further order of the High Court. The deadline fordisclosure by Chinacomm Limited, Qiu Ping and Yuan Yi of thewhereabouts of money in the Standard Accounts was extended 7 daysto Dec. 2, 2011.

The Plaintiffs intend to aggressively prosecute the Litigation,including the possibility of filing ancillary or supplementallitigation proceedings in the PRC. The Company does not intend tofile additional Reports on Form 8-K regarding the Litigation,unless there are developments in the Litigation that the Companyconsiders material; for example, the final outcome of theLitigation. The Company will report on developments in theLitigation and any ancillary or supplemental litigation in the PRCin its Annual Reports on Form 10-K and in its Quarterly Reports onForm 10-Q.

About China Tel

Based in San Diego, California, and Shenzhen, China, China TelGroup, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/-- provides high speed wireless broadband and telecommunicationsinfrastructure engineering and construction services. Through itscontrolled subsidiaries, the Company provides fixed telephony,conventional long distance, high-speed wireless broadband andtelecommunications infrastructure engineering and constructionservices. ChinaTel is presently building, operating and deployingnetworks in Asia and South America: a 3.5GHz wireless broadbandsystem in 29 cities across the People's Republic of China with andfor CECT-Chinacomm Communications Co., Ltd., a PRC company thatholds a license to build the high speed wireless broadband system;and a 2.5GHz wireless broadband system in cities across Peru withand for Perusat, S.A., a Peruvian company that holds a license tobuild high speed wireless broadband systems.

Since the Company's inception until June 30, 2011, it has incurredaccumulated losses of approximately $242.36 million. The Companyexpects to continue to incur net losses for the foreseeablefuture.

The Company's independent accountants have expressed substantialdoubt about the Company's ability to continue as a going concernin their audit report, dated April 15, 2011, for the period endedDec. 31, 2010. As reported by the TCR on April 21, 2011, MendozaBerger & Company, LLP, in Irvine, California, expressedsubstantial doubt about the Company's ability to continue as agoing concern, following the 2010 financial results. Theindependent auditors noted that the Company has incurred a netloss of $56,041,182 for the year ended Dec. 31, 2009, cumulativelosses of $165,361,145 since inception, a negative working capitalof $68,760,057, and a stockholders' deficit of $63,213,793.

The Company reported a net loss of $66,623,130 on $955,311 ofrevenue for the year ended Dec. 31, 2010, compared with a net lossof $56,065,029 on $657,876 of revenue during the prior year.

The Company also reported a net loss of $17.97 million on $488,476of revenue for the nine months ended Sept. 30, 2011, compared witha net loss of $38.22 million on $729,701 of revenue for the sameperiod a year ago.

The Company's balance sheet at Sept. 30, 2011, showed $11.57million in total assets, $22.22 million in total liabilities and a$10.64 million total stockholders' deficit.

CIMA LLC: Bankr. Case Transferred to Southern District of Alabama-----------------------------------------------------------------The Hon. Raymond B. Ray of the U.S. Bankruptcy Court for theSouthern District of Florida transferred the Chapter 11 case ofCIMA, LLC, to the Southern District of Alabama.

As reported in the Troubled Company Reporter on Oct. 6, 2011, Bankof the Ozarks, the largest creditor of CIMA, LLC, and the Debtor'ssecured lender, requested for the transfer of venue stating that,among other things:

* the Debtor's primary asset is a large tract of land situated along Interstate 65 outside of Mobile, Alabama.

* The Debtor, according to the public records of the State of Alabama, is an Alabama limited liability company.

* The records of the Secretary of State of the State of Alabama show that the Debtor's address is in Alabama notwithstanding the Debtor's allegation that its principal place of business is in Fort Lauderdale, Florida.

The Clerk of Court will take all steps necessary to transfer thecase and the file to the Southern District of Alabama.

About CIMA LLC

Based in Ft. Lauderdale, Florida, CIMA, L.L.C., is the developerand current owner of a 200-acre parcel of land located in Mobile,Alabama, with frontage on Interstate 10, a major thoroughfare.The parcel has been subdivided into parcels, and someinfrastructure work has been done. CIMA is finalizing plans withone or more investor groups for further development of thisparcel.

Ed Lowery, a former owner of Peoples State Bank of Commerce ofNolensville and various other entities, serves as chairman of thecompany.

Debts are owed to a range of companies, including Peoples State,lender Tennessee Commerce Bank of Franklin, Tenn., and otherentities to which Mr. Lowery has ties or has done business with.

Bob Mendes of Nashville bankruptcy litigation firm MGLawrepresents the Company. Mr. Mendes said the Company's filing backto stalled negotiations with Tennessee Commerce. "The summary Ithink is Tennessee Commerce is in such a non-functioning statethat it's not possible to negotiate with them any longer," thereport quotes Mr. Mendes as saying.

According to Nashville Business Journal, Peoples State Bank ofCommerce is one of two -- the other being Farmers Bank ofLynchburg -- that previously came under control of TennesseeCommerce in a deal to settle a debt Mr. Lowery had with theinstitution. Tennessee Commerce has been facing its own woes,searching for capital and dealing with regulators after its parentcompany disclosed a $120 million loss in the third quarter.Representatives of Tennessee Commerce could not be immediatelyreached for comment. But bank management previously cast the dealwith Mr. Lowery's two banks as an innovative way to settle a debtand set it up for future opportunities.

The report notes that Tennessee Commerce has not formally acquiredthe two banks in which Mr. Lowery previously held ownership. Keyquestions in the local financial industry since TennesseeCommerce's troubles escalated in recent months have been what itwill do with the two institutions and how the health of all threewill affect related entities.

CLEARWATER DEVELOPMENT: Hopes to Emerge From Bankruptcy in Spring-----------------------------------------------------------------Randy Wyrick at Vail Daily reports that Clearwater DevelopmentInc. could emerge from bankruptcy this spring.

According to the report, Russ Hatle, one of the investors inClearwater Development, Brightwater's original developer, said abankruptcy sale is scheduled to close this spring. Mr. Hatle isalso a member of Reconcile, L.L.C., one of the groups trying tobuy Brightwater out of bankruptcy. Mr. Hatle resigned his seat onthe Clearwater Development board, but is still a shareholder.

Clearwater Development, Inc., filed a Chapter 11 petition (Bankr.D. Colo. Case No. 11-18725) in Denver on April 18, 2011. TheDebtor said in a court filing it has properties worth $8,000,000,constituting 50 finished single family home sites, 65 partiallyfinished family home sites, 225 entitled single family home sites,completed 18 hole Robert Trent Jones Jr. golf course, completed 18hole putting course, 25 acres of lakes, among others. Theproperties secure a $69,543,133 debt.

CNS RESPONSE: Zachary McAdoo Elected to Board of Directors----------------------------------------------------------The Board of Directors of CNS Response, Inc., elected ZacharyMcAdoo to the Board. Mr. McAdoo will serve as Chairman of theBoard's Audit Committee.

On Nov. 17, 2011, Zanett Opportunity Fund, Ltd., a Bermudacorporation for which McAdoo Capital, Inc., is the investmentmanager, purchased subordinated secured convertible notes of theCompany in the aggregate principal amount of $250,000 and warrantsto purchase 2,500,000 shares of common stock for cash paymentsaggregating $250,000. The Bridge Notes mature one year from thedate of issuance, earn interest at a rate of 9%, are convertibleinto shares of common stock of the Company at a conversion priceof $0.10 and are secured by a second position security interest inthe Company's assets. Mr. McAdoo is the president and owner ofMcAdoo Capital, Inc.

About CNS Response

Aliso Viejo, Calif.-based CNS Response, Inc., is a cloud-basedneurometric company focused on analysis, research, development andthe commercialization of a patented platform which allowspsychiatrists and other physicians to exchange outcome datareferenced to electrophysiology. With this information,physicians can make more informed decisions when treatingindividual patients with behavioral (psychiatric and/or addictive)disorders. The Company's secondary Clinical Services business,operated by its wholly-owned subsidiary, Neuro-Therapy Clinic("NTC"), is a full service psychiatric clinic.

Cacciamatta Accountancy Corporation, in Irvine, California,expressed substantial doubt about CNS Response's ability tocontinue as a going concern, following the Company's results forthe fiscal year ended Sept. 30, 2010. The independent auditorsnoted that of the Company's continued operating losses and limitedcapital.

The Company's balance sheet at June 30, 2011, showed $1.36 millionin total assets, $10.46 million in total liabilities, and a$9.10 million total stockholders' deficit.

CNS RESPONSE: Zanett Opportunity Discloses 8.2% Equity Stake------------------------------------------------------------In a Schedule 13D filing with the U.S. Securities and ExchangeCommission, Zanett Opportunity Fund, Ltd., and its affiliatesdisclosed that, as of Nov. 17, 2011, they beneficially own5,000,000 shares of common stock of CNS Response, Inc.,representing 8.2% of the shares outstanding. The calculation isbased on 56,117,600 shares outstanding as of Aug. 15, 2011, asreported in the Company's Quarterly Report on Form 10-Q for thequarterly period ending June 30, 2011. A full-text filing of theSchedule 13D is available for free at http://is.gd/G96sWx

About CNS Response

Aliso Viejo, Calif.-based CNS Response, Inc., is a cloud-basedneurometric company focused on analysis, research, development andthe commercialization of a patented platform which allowspsychiatrists and other physicians to exchange outcome datareferenced to electrophysiology. With this information,physicians can make more informed decisions when treatingindividual patients with behavioral (psychiatric and/or addictive)disorders. The Company's secondary Clinical Services business,operated by its wholly-owned subsidiary, Neuro-Therapy Clinic("NTC"), is a full service psychiatric clinic.

Cacciamatta Accountancy Corporation, in Irvine, California,expressed substantial doubt about CNS Response's ability tocontinue as a going concern, following the Company's results forthe fiscal year ended Sept. 30, 2010. The independent auditorsnoted that of the Company's continued operating losses and limitedcapital.

The Company's balance sheet at June 30, 2011, showed $1.36 millionin total assets, $10.46 million in total liabilities and a $9.10million total stockholders' deficit.

"The CreditWatch placement reflects uncertainty regardingCommercial Metals' strategic direction and ultimate capitalizationfollowing reports that the company has received a buyout offerfrom Icahn Enterprises L.P. (IEP) for $15 per share, a 31% premiumover the Nov. 25, 2011, closing price, or approximately $2.9billion including assumed debt," said Standard & Poor's creditanalyst Maurice Austin. "According to an open letter from CEO CarlIcahn dated Nov. 28, 2011, IEP intends to combine CommercialMetals with IEP's own metals recycling assets. IEP intends to sellCommercial Metals' noncore assets and immediately appoint a newmanagement team to run the steel business."

Mr. Icahn's activism causes some uncertainty regarding thepotential strategic direction of the company which, if successful,has the potential to result in a more-aggressive financial policy.The ratings could come under pressure if the company's businessmix were to change substantially or if debt increasedsignificantly.

"Commercial Metals had about $1.2 billion of total reported debtoutstanding as of Aug. 31, 2011. Currently, we view the company'sbusiness risk profile as fair and its financial risk profile asintermediate," S&P said.

"We will resolve the CreditWatch when more information regardingthe proposed transaction becomes available," Mr. Austin continued."We will then assess the company's financial policy and the impactof any potential transaction on the company's capital structure."

CONCORD INT'L: Former Directors Agree to Pay $200,000 to Creditors------------------------------------------------------------------Kevin Herrera at Santa Monica Daily Press, citing court documents,reports that Susan Packer Davis, the former director at ConcordInternational High School, has agreed to pay parents and othercreditors $200,000 as part of a settlement agreement.

According to the report, Ms. Davis was accused of misusing morethan $1 million in school funds to pay for personal expenses. Shealso put her husband, Eric Hille, and her son, Alexander Davis, onthe school's payroll although it was uncertain what services theyprovided or the value of those services. All three were named ina civil lawsuit, which was filed in April in U.S. Bankruptcy Courtby trustees of the now-defunct school.

The report says the settlement was expected to be approved onNov. 29, 2011, by Judge Barry Russell during a hearing in downtownLos Angeles. In exchange for the payment, the lawsuit will bedismissed and no report will be made to any credit agency withrespect to the settlement.

The report notes Michael Kogan, Esq., Concord's counsel during thebankruptcy proceedings, said the settlement was fair and based onseveral factors including the cost of further litigation, thenumber of claims filed and the risk involved with collecting themoney.

According to the report, Judge McMahon agreed with the defendantfirms that the claims should be withdrawn from Coudert'sbankruptcy proceeding in light of the U.S. Supreme Court's recentdecision in Stern v. Marshall, 131 S. Ct. 2594 (June 23, 2011).Stern holds that while bankruptcy courts have jurisdiction overall "core proceedings," they lack the constitutional authority toenter a final adjudication of core claims involving private rightsthat are not necessarily determined in ruling on a creditor'sproof-of-claim against the debtor's estate, unless all the partiesconsent, Judge McMahon explained in a written opinion.

The report relates that the suits seek to hold the firms liablefor any fees earned on matters Coudert's former partners broughtwith them, the opinion said. The firms initially tried to havethe suits dismissed under the theory that the "unfinished businessdoctrine" only applies to contingency fee cases, and not to caseswhere the client agrees to pay for services on an hourly basis.

The report says the plan administrator countered that the requestis untimely because the bankruptcy case has been pending forseveral years, and the firms have consented to being in BankruptcyCourt.

About Coudert Brothers

Coudert Brothers LLP was an international law firm specializing incomplex cross-border transactions and dispute resolution. Thefirm had operations in Australia and China. The Debtor filed forChapter 11 protection (Bankr. S.D.N.Y. Case No. 06-12226) onSept. 22, 2006. John E. Jureller, Jr., Esq., and Tracy L.Klestadt, Esq., at Klestadt & Winters, LLP, represented the Debtorin its restructuring efforts. The U.S. Trustee for Region 2appointed five creditors to serve on an Official Committee ofUnsecured Creditors. Brian F. Moore, Esq., and David J. Adler,Esq., at McCarter & English, LLP, represented the OfficialCommittee of Unsecured Creditors. Coudert scheduled total assetsof $30.0 million and total debts of $18.3 million as of thePetition Date. The Bankruptcy Court in August 2008 signed anorder confirming Coudert's chapter 11 plan. The Plan contemplatedon paying 39% to unsecured creditors with $26 million in claims.

The voting deadline on the Plan is set on Dec. 5, 2011. Anyobjection to confirmation of the Plan will be due on or beforeDec. 12, 2011. A hearing for the consideration of confirmation ofthe Plan and any objections to confirmation of the Plan will beheld on Dec. 14, 2011 at 10:00 a.m.

The Plan provides for:

a. the transfer of substantially all of the assets of each of the Debtors to various acquiring entities (DairyCo), which will be 100% owned by AFS or its designee(s), free and clear of all Claims, liens, charges, encumbrances and interests except as otherwise specifically provided in the Plan;

b. a settlement with AFS of the AFS Causes of Action in exchange for funding of the Plan;

c. funding by AFS or DairyCo of up to $2.5 million to pay Allowed Administrative Expense Claims, Allowed Fee Claims, and Allowed Priority Tax Claims;

d. funding by AFS or DairyCo of $1,000,000 to the Liquidation Trust; and

e. establishment and implementation of a Liquidation Trust for the purposes of (i) evaluating, prosecuting and resolving all Disputed Priority Non-Tax Claims, Disputed Other Secured Claims, Disputed Unsecured Claims and Disputed Convenience Class Claims against the Debtors' Estates; (ii) prosecution of Causes of Action and the Bankruptcy Causes of Action, to the extent not settled or resolved prior to the Effective Date of the Plan; (iii) holding and liquidating any Liquidation Trust Assets; and (iv) the making of distributions under the Plan.

The Plan is expected to become effective within 30 days afterentry of the Confirmation Order, upon satisfaction of certainconditions.

The classification of claims and interests under the plan are:

A. Unclassified Claims (Administrative Expense Claims, Fee Claims and Priority Tax Claims) will receive cash equal to the amount of the claim paid by the Proponent or DairyCo subject to the Direct Payment Cap; or (b) other treatment as to which the Proponent or DairyCo and the holder of the allowed claim agreed upon in writing. Administrative expense claims total $2,216,956 while fee claims total $957,775.

B. Class 1 (Priority Non-Tax Claims) will receive cash equal to the amount of the Allowed Priority Non-Tax Claim paid by the liquidation trust from the liquidation trust assets; or (b) other treatment which the Proponent, DairyCo, the Liquidation Trustee and the holder of the allowed priority non-tax claim agreed upon in writing.

D. Class 3A (Allowed Other Secured Claim) will receive (a) one of the treatments specified in Section 1124 of the Bankruptcy Code; or (b) other treatment which the Proponent, DairyCo, the Liquidation Trustee and the Holder of the Allowed Other Secured Claim agreed upon in writing.

E. Class 3B (Allowed Setoff Claims) will receive payment in full, in cash, from DairyCo or the Proponent, in an amount equal to the Allowed amount of the Allowed Setoff Claim in 60 equal monthly installments, together with interest at the rate of the prime rate plus one percent per annum. Class 3B is estimated to total $326,955.03.

F. Class 4 (Allowed Unsecured Claims) will receive their pro rata share of the liquidation trust proceeds. Upon the Effective Date of the Plan, the Holders of the allowed AFS deficiency claims, which are included in this Class 4, will be deemed to have waived any and all rights to distributions on account of their respective allowed unsecured claims only with respect to the Liquidation Trust Contribution, and they otherwise will be entitled to receive their Pro Rata Share of the Liquidation Trust Proceeds. Allowed unsecured total $53,480,760.

G. Class 5 (Allowed Convenience Class Claims) will receive 100% of their allowed convenience class claim, which will be paid from the Liquidation Trust Contribution. Class 5 claims total $59,646.

H. Class 6 (Equity Interests) will be extinguished on the Effective Date.

As reported in the Oct. 11, 2011, edition of the Troubled CompanyReporter, two competing plans for the Debtors have been proposed.One was filed by Agricultural Funding Solutions, LLC, on Sept. 8,2011, and the other was filed by the Official Committee ofUnsecured Creditors on Sept. 20, 2011.

The Committee Plan provides that the Dairies will continueoperations, and payments to Allowed Claims in the case will bemade out of the operating revenues of the Reorganized Debtorspursuant to the terms of the Committee Plan. The Committee Planprovides that the Trustee will liquidate Heifer Haven followingconfirmation and use the proceeds to purchase producing cows onthe market, with the replacements to remain subject to any lien ofAFS. The Committee Plan provides that the trustee will manage theDairies' assets during the Participation Period.

Baconton, Georgia-based Dairy Production Systems - Georgia LLC,dba Dairy Production Systems, was formed in November of 2008 andowns the operating assets acquired from Aurora Dairy - Georgia,LLC, exclusive of the real property owned by Aurora-Georgia. DPSGeorgia owns approximately 3,490 head of cattle, along withequipment and dairy improvements located on a 1,065-acre farmleased from Aurora-Georgia.

DUKE AND KING: Liquidating Plan Declared Effective Oct. 28----------------------------------------------------------The U.S. Bankruptcy Court for the District of Minnesota confirmedthe joint Third Amended Joint Chapter 11 Plan of Liquidation filedby Duke and King Acquisition Corp., et al., and the OfficialCommittee of Unsecured Creditors. The Effective Date of the Planwill be deemed to have occurred on Oct. 28, 2011.

Duke and King Acquisition, et al., and the Official Committee ofUnsecured Creditors filed on Oct. 11, 2011, a Third Amended JointChapter 11 Plan of Liquidation for the resolution of theoutstanding claims against and interests in the Debtors'respective bankruptcy estates.

The Plan follows the closing of a sale of most of the Debtors'operating assets to Strategic Restaurants Acquisition Company II,LLC, Heartland Midwest, LLC, Cave Enterprises Operations, LLC, andCrown Ventures Iowa, Inc., respectively, and contemplates theliquidation of any unsold assets and distribution of the proceedspursuant to this Plan.

The Debtors estimate there to be between approximately $300,000and $550,000 of Class 1 Allowed Secured Claims, which will receivea 100% distribution. Class 1 is unimpaired.

The Debtors estimate there to be approximately $1,000 of Class 2Allowed Other Priority Claims, which will receive a 100%distribution. Class 2 is impaired.

Each Holder of a Class 3 Allowed General Unsecured Claim willreceive a Pro Rata share of the net proceeds of the LiquidatingTrust Assets after the payment of all Allowed Fee Claims, AllowedAdministrative Claims, Allowed Priority Tax Claims, Allowed OtherPriority Claims and Allowed Secured Claims, and the payment of allcosts and expenses of the Liquidating Trust. The Debtors estimatethere to be $6,000,000 to $7,500,000 of Allowed General UnsecuredClaims, which will receive a 19% to 38% distribution. Class 3 isimpaired.

On the Effective Date, all Interests in the Debtors, except forthose in Duke Acquisition and Duke Missouri, will be deemedautomatically canceled, will be of not further force, whethersurrendered for cancellation or otherwise, and the obligations ofthe Debtors thereunder or in any way related thereto will bedischarged. All Interests are not entitled to any distributionsunder this Plan.

Burnsville, Minnesota-based Duke and King Acquisition Corp., dbaBurger King, was formed in November 2006, to acquire 88 BurgerKing franchise restaurants from the Nath Companies. Duke andKing, together with affiliates, filed for Chapter 11 bankruptcyprotection (Bankr. D. Minn. Lead Case No. 10-38652) on Dec. 4,2010. Duke and King estimated its assets and debts at $10 millionto $50 million.

EASTERN LIVESTOCK: Court OKs Norman Gallivan as Auctioneer----------------------------------------------------------James A. Knauer, the Chapter 11 trustee for Eastern Livestock Co.,LLC, sought and obtained permission from the U.S. Bankruptcy Courtfor the Southern District of Indiana to employ Norman J. Gallivan,Inc. as auctioneer.

The Chapter 11 Trustee attests that the firm is a "disinterestedperson" as the term is defined in Section 101(14) of theBankruptcy Code.

About Eastern Livestock

Eastern Livestock Co., LLC, was one of the largest cattlebrokerage companies in the United States, with operations andassets located in at least 11 states. ELC was headquartered inNew Albany, Indiana, with branch locations across several states.It shut operations in November 2010.

The Chapter 11 trustee has tapped James M. Carr, Esq., at Baker &Daniels LLP, as counsel. BMC Group Inc. is the claims and noticeagent. The Debtor has disclosed $81,237,865 in assets and$40,154,698 in papers filed in Court.

"At the same time, we assigned an issue-level rating of 'B' (thesame as the corporate credit rating) to the company's $340 millionsenior secured facility comprised of a $35 million revolver due2016 and a $305 million term loan due 2016. We also assigned arecovery rating of '3' to the debt, indicating our expectation ofmeaningful (50% to 70%) recovery for debtholders in the event of apayment default," S&P said.

"We expect that Endurance will generate good free operating cashflow (FOCF) and that revenue and EBITDA measures will improve overthe next 12 months as the company fully integrates recentacquisitions and associated purchase accounting adjustments arenormalized," said Standard & Poor's credit analyst Philip Schrank."In addition, we expect that the company will apply a modestportion of excess cash flows to moderately reduce funded debt overthe same period. However, the rating reflects its acquisition-driven growth, its focus on the small-to-midsize business marketin a softening economy, and what we view as an 'aggressive'financial risk profile," S&P related.

"The outlook is stable, reflecting our view that the companyshould be able to generate positive FOCF with capacity to pay downdebt over the near term absent additional leveraging transactionsin the short-to-intermediate term. A possible upgrade is limitedover the next year, however, as the company digests its recentacquisitions and establishes a longer track record of performanceat its current scale. We could lower the rating if EBITDA and FOCFmeasures were to deteriorate to the high-single-digit area as aresult of increased price competition, a significant loss of itscustomer base, or acquisition integration challenges," S&P said.

EPIX PHARMACEUTICALS: Joseph F. Finn to Sell Assets in Auction--------------------------------------------------------------Joseph F. Finn, Jr., C.P.A., Assignee for the Benefit of Creditorsof Epix Pharmaceuticals, Inc. disclosed that AMG 277 discriminatesagainst S1P3 receptor by 50-fold and that the S1P1 lead compoundswill be offered December 8, 2011 in a sealed bid sale. Theseassets were generated by Epix Pharmaceuticals, Inc. and Amgen.

AMG 277 has 57-nM functional EC50 for hS1P1 receptor anddiscriminates against S1P3 receptor by 50-fold. It displayedefficacy in a DTH model with ED70 of 1.0 mpk. AMG 277 was testedin FIH-enabling toxicology studies.

Assets included in the sale include preclinical and toxicologydata related to AMG 277, AMG 369 and six backup compounds,existing inventory of these compounds (API), and related patentportfolio.

Persons interested in bidding must sign a ConfidentialityDisclosure Agreement obtained from Finn's office -jffinnjr@finnwarnkegayton.com or 781-237-8840; upon receipt of theexecuted CDA, applicants will receive a bid package, to becompleted and returned by Dec. 8, 2011.

About Joseph F. Finn, Jr.

Joseph F. Finn, Jr., C.P.A. is the owner of the firm Finn, Warnke& Gayton, Certified Public Accountants of Wellesley Hills,Massachusetts. He works primarily in the area of managementconsulting for distressed enterprises, bankruptcy accounting andrelated matters, such as assignee for the benefit of creditors andliquidating agent for a corporation. He has been involved in anumber of loan workouts and bankruptcy cases for thirty-five (35)years. His most recent Assignments for the Benefit of Creditors inthe biotech field include Spherics, Inc., ActivBiotics, Inc. andProspect Therapeutics, Inc.

For further information, please contact Joseph F. Finn, Jr.,C.P.A. at 781-237-8840 or IPSALESERVICES@FINNWARNKEGAYTON.COM

About EPIX Pharmaceuticals

EPIX Pharmaceuticals, Inc., is a biopharmaceutical company focusedon discovering and developing novel therapeutics through the useof its proprietary and highly efficient in silico drug discoveryplatform. The company has a pipeline of internally-discovereddrug candidates currently in clinical development to treatdiseases of the central nervous system -- see

http://www.trialforAD.com/-- and lung conditions. EPIX also has collaborations with leading organizations, includingGlaxoSmithKline, Amgen and Cystic Fibrosis FoundationTherapeutics.

* * *

As reported by the Troubled Company Reporter, EPIX on July 20,2009, entered into an Assignment for the Benefit of Creditors inaccordance with Massachusetts law. The purpose of the Assignmentis to conclude the company's operations and provide for an orderlyliquidation of its assets. The Assignment is a common lawbusiness liquidation mechanism under Massachusetts law that is analternative to a formal bankruptcy proceeding. Under the terms ofthe Assignment, the Company transferred all of its assets to anassignee for orderly liquidation and distribution of the proceedsto the Company's creditors. The designated assignee for thecompany is Joseph F. Finn, Jr., at Finn, Warnke & Gayton, 167Worcester Street, Suite 201, Wellesley Hills, MA 02481.

EVERGREEN SOLAR: Board Names Christian Ehrbar as New CEO--------------------------------------------------------Mark Osborne at PVTECH reports that the board of directors ofEvergreen Solar appointed Christian M. Ehrbar as its new CEO andPaul Kawa as CFO.

According to the report, several senior executives including CEOMichael El-Hillow had been dismissed with immediate effect onNov. 21, 2011. The Company also terminated the position of itsformer CFO, Donald W. Reilly, Richard G. Chleboski, its ChiefStrategy Officer, Dr. Lawrence Felton, chief technology officerand Henry Ng, Evergreen Solar's president and general manager,Asia operations.

In conjunction with the Chapter 11 filing, the Company enteredinto a restructuring support agreement with certain holders ofmore than 70% of the outstanding principal amount of the Company's13% convertible senior secured notes. As part of the bankruptcyprocess the Company undertook a marketing process and permittedall parties to bid on its assets, as a whole or in groups pursuantto 11 U.S.C. Sec. 363. An entity formed by the supportingnoteholders, ES Purchaser, LLC, entered into an asset purchaseagreement with the Company to serve as a 'stalking-horse" andprovide a "credit-bid" pursuant to the Bankruptcy Code for assetsbeing sold.

An official committee of unsecured creditors has retained PepperHamilton and Kramer Levin Naftalis & Frankel as counsel. TheCommittee tapped Garden City Group as communications servicesagent.

Evergreen Solar is at least the fourth solar company to seek courtprotection from creditors since August 2011. Other solar firmsare start-up Spectrawatt Inc., which also filed in August,Solyndra Inc., which filed early in September, and Stirling EnergySystems Inc., which filed for Chapter 7 bankruptcy late inSeptember.

At an auction in November, Evergreen Solar sold some of its coreassets to Max Era Properties Limited.

EVERGREEN SOLAR: Wants Plan Filing Period Extended to March 14--------------------------------------------------------------Evergreen Solar, Inc., asks the U.S. Bankruptcy Court for entry ofan order extending the exclusive period for filing a plan ofreorganization through and including March 14, 2012, and theexclusive period for soliciting acceptances of a plan through andincluding May 14, 2012.

Peter J. Keane, Esq., at at Pachulski Stang Ziehl & Jones LLP,notes that despite the large and complex nature of this case, andwhile the case has only been pending for three months, the Debtorhas accomplished a number of items, including. During thependency of the case, the Debtor has paid debts as they have comedue and has made significant progress with its creditors. TheDebtor negotiated and entered into a Restructuring SupportAgreement dated August 15, 2011, with its secured noteholders bywhich the Debtor agreed to conduct the asset sales, while thesecured noteholders agreed to fund certain expenses of the Debtor.The Debtor has also filed its statements of financial affairs,schedules of assets of liabilities and its monthly operatingreports. The Debtor believes it has made good-faith progress thusfar in the case.

Mr. Keane submits that requested additional time will permit theDebtor to conduct additional asset sales, including the sale ofits factory and equipment located in Devens, Mass., as well asother non-core assets. The Debtor has been working with itsfinancial advisors and other professionals to ensure that theadditional asset sales can be conducted to maximize value to theestate. The Debtor will also continue to assess its currentcontractual obligations and determine whether to reject additionalcontracts.

Mr. Keane adds that the Debtor will continue to focus on thewinding down of its business. In light of the relative short timethat this case has been pending and the myriad of pressing matterswith which the Debtor has had to deal (including the asset saleprocess and resolving litigation with the Department of Energy),the Debtor has not had sufficient time to prepare a plan or theadequate disclosures to accompany a plan. The Debtor is notseeking an extension of time to pressure the creditors, but toresolve pending matters, to continue to gather information and tonegotiate a consensual plan and wind down with the creditors.

In conjunction with the Chapter 11 filing, the Company enteredinto a restructuring support agreement with certain holders ofmore than 70% of the outstanding principal amount of the Company's13% convertible senior secured notes. As part of the bankruptcyprocess the Company will undertake a marketing process and willpermit all parties to bid on its assets, as a whole or in groupspursuant to 11 U.S.C. Sec. 363. An entity formed by thesupporting noteholders, ES Purchaser, LLC, entered into an assetpurchase agreement with the Company to serve as a 'stalking-horse"and provide a "credit-bid" pursuant to the Bankruptcy Code forassets being sold.

An official committee of unsecured creditors has retained PepperHamilton and Kramer Levin Naftalis & Frankel as counsel. TheCommittee tapped Garden City Group as communications servicesagent.

Evergreen Solar is at least the fourth solar company to seek courtprotection from creditors since August 2011. Other solar firmsare start-up Spectrawatt Inc., which also filed in August,Solyndra Inc., which filed early in September, and Stirling EnergySystems Inc., which filed for Chapter 7 bankruptcy late inSeptember.

FAITH CHRISTIAN: Plan Outline Hearing Continued Until Dec. 16-------------------------------------------------------------The U.S. Bankruptcy Court for the Northern District of Florida hascontinued until Dec. 16, 2011, at 9:00 a.m., the hearing toconsider adequacy of the amended disclosure statement explainingthe proposed Chapter 11 Plan.

As reported in the Troubled Company Reporter on Aug 9, 2011,according to the First Amended Disclosure Statement, filed onJuly 5, 2011, the Debtor will fund the Plan from generaloperations of the ministry. The ministry has also listed theparsonage for sale at a price of $4.2 million. Should theparsonage sell prior to confirmation, the Debtor will be able topay Suntrust and all creditors in full, except for Margie NegrinBishop (Class 14) whose claim is disputed.

The secured claim of Suntrust Bank, owed $2,924,127 plus accruedinterest, will be satisfied from the surrender of real property.The Debtor is proposing three options, each of which consists ofthe surrender of real property in full satisfaction of the debt.

Allowed unsecured claims of less than $1,200 will be paid in fullat no interest upon the effective date of confirmation.

General unsecured claim of Suntrust for a Visa card in theapproximate amount of $15,309 will be paid in full at 6% simpleinterest over 60 months.

Equity interest holders will retain their positions as members ofthe not for profit corporation.

Based in Panama City Beach, Florida, Faith Christian Family Churchof Panama City Beach Inc., dba Faith Christian Family Church,is a not for profit corporation. The church filed for Chapter 11bankruptcy protection (Bankr. N.D. Fla. Case No. 11-50288) onMay 24, 2011. The Debtor disclosed $11,339,469 in assets, and$3,361,477 in debts as of the Chapter 11 filing. Charles M. Wynn,Esq., at Charles M. Wynn Law Offices, P.A., serves as the Debtor'sbankruptcy counsel.

FGIC CORP: Bond Insurer Files Suit on RFC RMBS Transactions-----------------------------------------------------------Financial Guaranty Insurance Company had filed complaints in theSupreme Court of the State of New York against Residential FundingCompany LLC (f/k/a Residential Funding Corporation), GMAC MortgageLLC (f/k/a GMAC Mortgage Corporation) and certain of theirrespective affiliates in connection with four FGIC-insuredresidential mortgage-backed securities transactions.

FGIC anticipates that it will file additional complaints withrespect to other FGIC-insured RMBS transactions sponsored by RFCor GMACM in the near future.

About FGIC Corp.

New York-based FGIC Corporation is a privately held insuranceholding company. FGIC Corp's main business interest lies in theholdings of the bond insurer Financial Guaranty Insurance Company-- http://www.fgic.com/-- and it depends on dividend payments by FGIC for sustaining its operations. FGIC had stopped payingdividends to parent FGIC Corp. since January 2008.

Paul M. Basta, Esq., Brian S. Lennon, Esq., at Kirkland & EllisLLP, in New York, serves as counsel to the Debtor. Garden CityGroup, Inc., is the Debtor's claims and noticing agent. TheOfficial Committee of Unsecured Creditors tapped David Capucilli,Esq., at Morrison & Foerster LLP, in New York as its counsel. TheDebtor disclosed $11,539,834 in assets and $391,555,568 inliabilities as of the Petition Date.

FLINTKOTE COMPANY: Has Until March 31 to Propose Chapter 11 Plan----------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware, in a 21storder, extended Flintkote Company and Flintkote Mines Limited'sexclusive periods to file and solicit acceptances for the proposedChapter 11 Plan until March 31, 2012, and May 31, respectively.

As reported in the Troubled Company Reporter on Nov 3, 2011, theOfficial Committee of Asbestos Personal Injury Claimants and thelegal representative of future asbestos claimants support therequested extension.

The Debtors told the Court that preserving exclusivity at thiscrucial point in the plan process is necessary to further one ofthe principal goals of the chapter 11 process -- the successfulrehabilitation of a debtor through a consensual plan ofreorganization.

At this stage in the Debtors' cases, Flintkote said thatterminating exclusivity will not result in a "better" plan orspeedier confirmation, but will only result in increased delay,extensive litigation and escalating administrative costs -- noneof which will further the central goals of chapter 11.

When Flintkote Company filed for protection from its creditors, itestimated more than $100 million each in assets and debts. WhenFlintkote Mines Limited filed for protection from its creditors,it listed assets of $1 million to $50 million, and debts of morethan $100 million.

No request has been made for the appointment of a trustee orexaminer in the Debtors' cases.

FOX RIVER: Hilco Real Estate to Sell School's Assets----------------------------------------------------The Fox River Country Day School campus in Elgin, Illinois, willbe auctioned by Hilco Real Estate. Jan. 20, 2012, has been set asthe final date to receive sealed bids. The campus, which islocated proximate to Interstate Highway 90, adjacent to the FoxRiver, features 10 buildings totaling 87,000 square feet set onapproximately 62 wooded acres.

Most notable among the school's structures is the Neil Building,built in 2005, which housed the school's assembly hall andkindergarten through-5th grade classrooms. The 20,460 squarefoot, prairie style facility emulates the hallmarks of famedarchitect and Frank Lloyd Wright protege, John Van Bergen, whodesigned, among others, the school's administration building,constructed in 1929. Other buildings feature a gym and pool, afully equipped library and dining hall, and an arts & craftscenter.

Operating in Elgin since 1923, Fox River Country Day School beganas a working farm to educate and assist depression-era orphanedchildren, largely from the Chicago stock yards. Through theyears, the school evolved into a boarding and day school,educating local, regional, and even international students. InJune 2011, the school announced it would discontinue operations.In November, the school filed Chapter 11 bankruptcy.

"This is a truly unique property and investment opportunity," saidGeoffrey Schnipper, Vice President of Dispositions at Hilco realestate. "The existing infrastructure needs little or no work tobecome a turn-key solution for an educational, religious, or camp-related owner-occupant. The setting and existing infrastructurewould also adapt well to a medical, rehabilitation, long-termcare, or specialty care operation. Mr. Schnipper added, "Visitorsto the property have commented on its soothing, therapeuticambience. It's absolutely gorgeous."

GENERAL MOTORS: Scrambles to Defend Volt Amid Battery Woes----------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that for the last fiveyears, General Motors Co. has touted its battery-powered ChevroletVolt as a technological marvel in hopes the car would recast thecompany's image as a high-tech auto maker dedicated to thegreening of planet Earth.

About General Motors

With its global headquarters in Detroit, Michigan, General MotorsCompany (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of the world's largest automakers, traces its roots back to 1908.GM employs 208,000 people in every major region of the world anddoes business in more than 120 countries. GM and its strategicpartners produce cars and trucks in 30 countries, and sell andservice these vehicles through the following brands: Baojun,Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,Opel, Vauxhall, and Wuling. GM's largest national market isChina, followed by the United States, Brazil, the United Kingdom,Germany, Canada, and Italy. GM's OnStar subsidiary is theindustry leader in vehicle safety, security and informationservices.

General Motors Co. was formed to acquire the operations ofGeneral Motors Corp. through a sale under 11 U.S.C. Sec. 363following Old GM's bankruptcy filing. The U.S. government onceowned as much as 60.8% stake in New GM on account of thefinancing it provided to the bankrupt entity. The deal wasclosed July 10, 2009, and Old GM changed its name to MotorsLiquidation Co.

On Nov. 1, 2011, Moody's Investors Service raised New GM'sCorporate Family Rating and Probability of Default Rating to Ba1from Ba2, and its secured credit facility rating to Baa2 fromBaa3. Moody's also raised the Corporate Family Rating of GM'sfinancial services subsidiary -- GM Financial -- to Ba3 from B1.

On Oct. 7, 2011, Fitch Ratings upgraded the Issuer DefaultRatings of New GM, General Motors Holdings LLC, and GeneralMotors Financial Company Inc., to 'BB' from 'BB-'.

The U.S. Trustee appointed an Official Committee of UnsecuredCreditors and a separate Official Committee of UnsecuredCreditors Holding Asbestos-Related Claims. Lawyers at KramerLevin Naftalis & Frankel LLP served as bankruptcy counsel to theCreditors Committee. Attorneys at Butzel Long served as counselon supplier contract matters. FTI Consulting Inc. served asfinancial advisors to the Creditors Committee. Elihu Inselbuch,Esq., at Caplin & Drysdale, Chartered, represented the AsbestosCommittee. Legal Analysis Systems, Inc., served as asbestosvaluation analyst.

The Bankruptcy Court entered an order confirming the Debtors'Second Amended Joint Chapter 11 Plan on March 29, 2011. The Planwas declared effect on March 31.

GGIS INSURANCE: Files Schedules of Assets and Liabilities---------------------------------------------------------GGIS Insurance Services, Inc., filed with the U.S. BankruptcyCourt for the Central District of California its schedules ofassets and liabilities, disclosing:

GLOBAL SHIP: Obtains Loan-to-Value Waiver Until November 2012-------------------------------------------------------------Global Ship Lease, Inc., a containership charter owner, disclosedthat it had entered into an agreement with its lenders to waiveuntil Nov. 30, 2012 the requirement under its credit facility toconduct loan-to-value tests.

The credit facility requires that loan-to-value, which is theratio of outstanding borrowings under the credit facility to theaggregate charter-free market value of the secured vessels, cannotexceed 75%. Due to the current downturn in the containershipmarket and consequent impact on vessel values, the Companypreviously anticipated that loan-to-value would exceed 75% at thescheduled test date of Nov. 30, 2011. Accordingly, the Companyengaged its lenders to waive the loan-to-value requirement.

Under the terms of the agreement, the loan-to-value test has beenwaived until the test due on Nov. 30, 2012. The credit facilityagreement provides that during the period of such a waiver:

-- Amounts borrowed under the credit facility will bear interest at LIBOR plus a fixed interest margin of 3.50%.

-- The Company will be unable to pay dividends to common shareholders.

-- Cash flow will be used to prepay borrowings under the credit facility; the amount of cash in excess of $20 million as at Nov. 30, 2011 (and quarterly thereafter) will be the amount of the prepayment due Dec. 31, 2011 (and quarterly thereafter).

If loan-to-value as of Nov. 30, 2012, is not greater than 75%, asprovided in the credit facility agreement, the fixed interestmargin will become 3.00% (or 2.50% if loan-to-value is no morethan 65%), dividends on common shares can be paid and theprepayment of borrowings will become fixed at $10 million perquarter.

Ian Webber, Chief Executive Officer of Global Ship Lease, stated,"Global Ship Lease's long-term time charter contracts generatestable revenues and predictable cash flows, which are largelyunaffected by the loan-to-value ratio. The strength of ourbusiness model has allowed us to suspend the testing of loan-to-value at a time when containership values continue to experiencedeclines. The waiver insulates the Company, until Nov. 30, 2012,from the volatility of asset values. Further, we are aggressivelypaying down debt, thus strengthening our balance sheet for thelong-term benefit of shareholders. Since August 2009, we havereduced our debt by $100.1 million."

Mr. Webber concluded, "In a challenging global economicenvironment, our time charters continue to perform as expected.Our fleet of 17 vessels has an average remaining time charterduration of over eight years on a weighted basis, representingtotal contracted revenue of $1.2 billion. Only two of our 17charters are due for renewal in the next five years. We maintaina positive long-term outlook on our future business prospects andintend to continue to focus on preserving the Company's financialstrength for the long-term benefit of Global Ship Lease and itsshareholders."

About Global Ship Lease

London, England-based Global Ship Lease (NYSE: GSL, GSL.U andGSL.WS) -- http://www.globalshiplease.com/-- is a containership charter owner. Incorporated in the Marshall Islands, Global ShipLease commenced operations in December 2007 with a business ofowning and chartering out containerships under long-term, fixedrate charters to world class container liner companies.

Global Ship Lease owns 17 vessels with a total capacity of 66,297TEU with a weighted average age at June 30, 2010, of 6.3 years.All of the current vessels are fixed on long-term charters to CMACGM with an average remaining term of 8.6 years. The Company hascontracts in place to purchase two 4,250 TEU newbuildings fromGerman interests for approximately $77 million each that arescheduled to be delivered in the fourth quarter of 2010. TheCompany also has agreements to charter out these newbuildings toZim Integrated Shipping Services Limited for seven or eight yearsat charterer's option.

GLOBAL TEL*LINK: S&P Keeps 'B' Corp. Credit Rating; Outlook Stable------------------------------------------------------------------Standard & Poor's Ratings Services' ratings and outlook on Mobile,Ala.-based prison phone provider Global Tel*Link Corp. (B/Stable/--) are not affected by the increase in the company's proposed termloan to $635 million from $605 million. The 'B' issue-level ratingand '3' recovery rating on the term loan and $50 million revolvingcredit facility remain unchanged. The company intends to use theproceeds from this term loan, along with $389 million of commonequity, to fund the buyout of the company's owners Veritas Capitaland Goldman Sachs Direct and its affiliates by American SecuritiesLLC.

"Pro forma for the transaction and including our adjustments foroperating leases, we expect leverage to increase to about 6.2x forthe 12 months ended Sept. 30, 2011 from the current 5.3x, which isstill within the parameters of the current rating. We expectadjusted leverage to improve to around 5.0x by the end of 2012following a full year's contribution from inmate telephone serviceprovider Value-Added Communications (VAC) (acquired in August2011) and from achievement of some additional cost savingsthroughout 2012. We also expect leverage to further improve to thehigh- to mid-4x area thereafter with the full-year benefits ofsynergies achieved in 2012, which we have conservatively assumedwill be about $10 million, or roughly 50% of those targeted butnot yet realized," S&P related

The 'B' corporate credit rating and stable outlook on the companyremain unchanged. (For the complete corporate credit ratingrationale, see the research update on Global Tel*Link, publishedNov. 11, 2011, on RatingsDirect on the Global Credit Portal.)

GOLD RESERVE: Gets Toronto Stock Exchange Delisting Notice----------------------------------------------------------Gold Reserve Inc. received a notice from the Toronto StockExchange that the Company does not meet the Original ListingRequirements of the exchange due to the illegal expropriation ofthe Brisas property by the Venezuelan government.

Trading in the Company's common shares will continue for 30 daysduring which time the Company has a right to appeal this decision.Should the appeal be unsuccessful, Gold Reserve will seek alisting on an alternative Canadian exchange such as the TSXVenture Exchange or the NEX so that there is, to the extentpossible, uninterrupted trading for the Company's securities.Regardless, the Company remains listed on the NYSE-Amex under theterms of a continued listing agreement that was entered inOctober.

The Company's international arbitration against the Republic ofVenezuela regarding the illegal expropriation of its Venezuelanproperties is proceeding well with the hearing scheduled forFebruary 2012. The Company also continues to pursue possiblesettlement of the arbitration but no assurances can be given atthis time that it will be successful in reaching a settlement.

GRAPEVINE DEVELOPMENT: Has Until Dec. 6 to Solicit Acceptances--------------------------------------------------------------The Hon. D. Michael Lynn of the U.S. Bankruptcy Court for theNorthern District of Texas extended until Dec. 6, 2011, TheGardens of Grapevine Development, L.P., and The Gardens ofGrapevine GP, LLC's exclusive period to solicit acceptances forthe First Amended Joint Plan of Reorganization.

As reported in the Troubled Company Reporter on Nov. 11, 2011, thePlan provides for the sale or development of the property. TheDebtors have engaged the service of Parkway Realtors, Inc., areputable real estate brokerage firm, to market the property. Todate they have produced a contract for the sale of approximately17 acres of land to Lincoln Property Company for approximately$6,900,000 which sale was approved by an order entered by theBankruptcy Court on July 5, 2011. The sale is anticipated toclose on or before February of 2012 with construction to beginshortly thereafter.

LPC has also optioned another 17 acres for similar use and at acomparable price. The second sale on the optioned acreage isanticipated to close on or before the first quarter of 2014.

The hearing to consider confirmation of the Plan will begin at9:30 a.m. on Dec. 6, 2011. Any creditor or party in interestdesiring to object to the Plan must do so pursuant to a writtenobjection which must be filed with the Clerk of the Court no laterthan 5:00 p.m. on Nov. 18, 2011.

BDCM believes that its Plan should preserve more of the Debtors'value than does the Trustee's Plan, and will provide moreattractive treatment for general unsecured claims.

The Trustee's Plan contemplates the wind-down and liquidation ofthe Debtors, with most of the Debtors' assets to be placed in, anddistributions made from, a liquidating trust.

The BDCM Plan, by contrast, would both preserve the Debtors asreorganized going forward entities with ongoing administration,and deliver all of the benefits as the Trustee's Plan vis-a-visliquid assets through the creation of a Liquidating Trust todistribute the proceeds of all assets of the estates that are notrelated to the going-forward business of the Reorganized Debtorsenhanced by additional cash to be provided by BDCM and certainamendments to the Tax Indemnification Agreement that willaccelerate cash distributions to Holders of Allowed GeneralUnsecured Claims and subordinate BDCM's right to obtainreimbursement of tax payments made on behalf of the Debtors todistributions to Holders of Allowed General Unsecured Claims.

There are three primary differences between the BDCM Plan and theTrustee's Plan related to the treatment of Holders of AllowedGeneral Unsecured Claims that BDCM believes make the BDCM Planmore attractive.

First, the BDCM Plan affords Holders of Allowed General UnsecuredClaims the option of a fast cash payout, a partial cash payoutclose to the Effective Date plus a delayed cash payout from theproceeds of the Liquidating Trust, or a or participation in theequity of Reorganized GSC Group.

Second, the BDCM Plan increases the amount of money available fora near term distribution to Holders Allowed General UnsecuredClaims by up to $2 million, depending on whether such Holderelects the Up-Front Cash Option or the Combination Cash Option,and by allowing Holders of Allowed General Unsecured Claims toreceive distributions from the Liquidating Trust in the fullamount of their Allowed Claims before the Liquidating Trust hasreimbursed the Designated Purchaser for certain tax obligations ofthe Debtors.

Third, the BDCM Plan loosens restrictions on near termdistributions to Holders of Allowed General Unsecured Claims byincreasing the permitted distributions under the Tax IndemnityAgreement from $4.6 million to up to $6.6 million.

The Trustee's Plan, by contrast, provides only one avenue forallowed general unsecured recovery -- shares in a liquidatingtrust -- and near-term distributions for both priority tax claimsand general unsecured claims are capped at $4.6 million.

The estimated cash distribution to Holders of Allowed GeneralUnsecured Claims upon the Effective Date would range from 31-43%under the BDCM Plan for those who elect the Upfront CashOption, from 24-34% under the BDCM Plan for those who elect theCombination Cash Option and from 17-26% under the Trustee's Plan.

The Plan does not provide for the reorganization or dissolution ofSIF. The Designated Purchaser acquired GSC Group's equityinterests in SIF in connection with the sale process.

The Plan contemplates the payment in full in Cash of all AllowedAdministrative Claims and Allowed Priority Tax Claims, as does theTrustee's Plan. The Plan also provides for the same treatment ofAllowed Secured Claims and Other Priority Claims as does theTrustee's Plan.

Holders of Class 4 Common Equity Interests will retain all rightson account of such Common Equity Interests; provided, however,that such Common Equity Interests will be diluted to 51% of totalReorganized Common Stock as a result of the issuance of theReorganized GSC Group Convertible Class D Common Stock. Recoveryvalue is indeterminate.

Holders of Class 5 Remaining Equity Interests will not receive orretain any property or interest in property on account of suchRemaining Equity Interests. On the Effective Date, all RemainingEquity Interests will be canceled, extinguished and discharged.Estimated recovery is 0%.

A copy of the Disclosure Statement in support of BCDM's JointChapter 11 Plan is available for free at:

Florham Park, New Jersey-based GSC Group, Inc. --http://www.gsc.com/-- was a private equity firm that specialized in mezzanine and fund of fund investments. Originally namedGreenwich Street Capital Partners Inc. when it was a subsidiary ofTravelers Group Inc., GSC became independent in 1998 and at onetime had $28 billion of assets under management. Market reverses,termination of some funds, and withdrawal of customers'investments reduced funds under management at the time ofbankruptcy to $8.4 billion.

GSC Group Inc. filed for Chapter 11 bankruptcy protection (Bankr.S.D.N.Y. Case No. 10-14653) on Aug. 31, 2010. Michael B. Solow,Esq., at Kaye Scholer LLP, served as the Debtor's bankruptcycounsel. Epiq Bankruptcy Solutions, LLC, is the Debtor's noticeand claims agent. Capstone Advisory Group LLC served as theDebtor's financial advisor. The Debtor estimated its assets at$1 million to $10 million and debts at $100 million to $500million as of the Chapter 11 filing.

Since Jan. 7, 2011, the Debtors have been operated by James L.Garrity Jr., as Chapter 11 trustee for the Debtors. The Chapter11 trustee tapped Shearman & Sterling LLP as his counsel, andTogut, Segal & Segal LLP as his conflicts counsel.

No committee of unsecured creditors has been appointed in thecase.

The Chapter 11 trustee completed the sale of business in July 2011and filed a liquidating Chapter 11 plan and explanatory disclosurestatement in late August. The bankruptcy court authorized thetrustee to sell the business to Black Diamond Capital Finance LLC,as agent for the secured lenders. Proceeds were used to paysecured claims. The price paid by the lenders' agent was designedfor full payment on $256.8 million in secured claims, with $18.6million cash left over. Black Diamond bought most assets with a$224 million credit bid, a $6.7 million note, $5 million cash, anddebt assumption. A minority group of secured lenders filed anappeal from the order allowing the sale. Through a suit in statecourt, the minority lenders failed to halt Black Diamond fromcompleting the sale.

The Chapter 11 Trustee and Black Diamond have filed rivalrepayment plans for GSC Group. The Trustee's Plan cautioned therecan be no assurance that general unsecured creditor recoverieswill not be higher or lower than the estimated recovery of between42% and 84%. Black Diamond's Plan projects between 31% and 43%recovery. Court papers filed by Black Diamond indicate theTrustee's Plan provides 17% and 26% recovery.

GUIDED THERAPEUTICS: Sells Common Shares and Warrants for $1.7MM----------------------------------------------------------------Pursuant to subscription agreements effective Nov. 21, 2011, onthat date Guided Therapeutics, Inc., completed a private sale toGeorge Landegger and his affiliate, The Whittemore Collection,Ltd., of (i) an aggregate of 2,055,436 shares of the Company'scommon stock and (ii) warrants to purchase up to an aggregate of285,186 shares of the Company's common stock, for an aggregateoffering price of approximately $1.73 million.

For each share of common stock purchased, subscribers receivedwarrants exercisable for the purchase of 0.1387 of one share ofcommon stock at an exercise price of $1.05 per share. Thewarrants have a five-year term.

Pursuant to the subscription agreements effective Nov. 21, 2011,George Landegger and his affiliate, The Whittemore Collection,Ltd., agreed to exercise an aggregate of 370,371 warrants datedSept. 10, 2010 and priced at $1.01 per warrant.

SunTrust Robinson Humphrey, Inc., provided financial advisoryservices to Guided Therapeutics, Inc., in conjunction with thefinancing and received compensation in the aggregate amount of$75,000.

About Guided Therapeutics

Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP)-- http://www.guidedinc.com/-- is developing a rapid and painless test for the early detection of disease that leads to cervicalcancer. The technology is designed to provide an objective resultat the point of care, thereby improving the management of cervicaldisease. Unlike Pap and HPV tests, the device does not require apainful tissue sample and results are known immediately. GT hasalso entered into a partnership with Konica Minolta Opto todevelop a non-invasive test for Barrett's Esophagus using theLightTouch technology platform.

The Company's balance sheet at June 30, 2011, showed $3.31 millionin total assets, $2.91 million in total liabilities, and $410,000in stockholders' equity.

The Company reported a net loss of $2.84 million on $3.36 millionof contract and grant revenue for the year ended Dec. 31, 2010,compared with a net loss of $6.21 million on $1.55 million ofcontract and grant revenue during the prior year.

As reported by the TCR on April 4, 2011, UHY LLP, in Atlanta,Georgia, noted that the Company's recurring losses fromoperations, accumulated deficit and lack of working capital raisesubstantial doubt about its ability to continue as a goingconcern.

HMC/CAH CONSOLIDATED: Meeting of Creditors Continued to Jan. 12---------------------------------------------------------------The U.S. Trustee for Region 3 has continued until Jan. 12, 2012,at 9:00 a.m., meeting of HMC/CAH Consolidated, Inc.'s creditors.The meeting will be held at US Courthouse, Roomm 2110A, 400 E. 9thSt., Kansas City, Missouri. The U.S. Trustee previously conveneda meeting of creditors on Nov. 15.

About HMC/CAH Consolidated

Kansas City, Missouri-based HMC/CAH Consolidated, Inc., is in thebusiness of acquiring and operating a system of acute carehospitals located in rural communities that are certified by TheCenters for Medicare and Medicaid Services as Critical AccessHospitals or CAHs. The core focus of HMC/CAH's business plan isto replace the technologically out of date and operationallyinefficient medical facilities of its CAHs with newly constructedstate-of-the art facilities. Since its incorporation, HMC/CAH haspurchased 12 rural hospitals certified as Critical AccessHospitals. These CAH Hospitals are located in Kansas (3),Oklahoma (5), Missouri (1), Tennessee (1) and North Carolina (2).The CAH Hospitals are the lifeline of the communities that theyserve. The CAH Hospitals provide critical health services torural residents, including emergency medical services.

Nancy J. Gargula, U.S. Trustee for Region 13, appointed fiveunsecured creditors to serve on the Official Committee ofUnsecured Creditors of HMC/CAH Consolidated, Inc.

HOLLIFIELD RANCHES: Can Obtain $220,000 Loan from J.R. Simplot--------------------------------------------------------------The Hon. Jim D. Pappas of the U.S. Bankruptcy Court for theDistrict of Idaho authorized Hollifield Ranches, Inc., to enterinto a secured loan with J.R. Simplot Company, in an amount not toexceed $220,000 for the purpose of obtaining and applyingfertilizer in the amount of $200,000, and chemicals in the amountof $20,000 with interest at the rate of 4.5%, such amount due andpayable upon demand, but not later than Dec. 31, 2012, and thatJRS, will have a first and paramount lien against Debtor's crops,including products and proceeds thereof.

The Court also ordered that the Debtor is authorized to executethe necessary documents to provide the lien to JRS, and that KeyBank National Association's lien will be subordinate to the JRSlien, up to the amount of $220,000 plus accruing interest from thedates of the respective purchases/advances, and as to crops andcrop proceeds, to the extent that JRS provides value to Debtor.

Robert D. Miller, Jr. ,the United States Trustee for Region 18,has appointed three creditors to serve as members of the UnsecuredCreditors' Committee in the Chapter 11 case of Hollifield Ranches,Inc. J. Justin May, Esq., at May, Browning & May represents theOfficial Committee of Unsecured Creditors.

Horizon Lines agreed to settle with these shippers at a total costto the Company of $13.75 million in exchange for full release ofall antitrust claims. Under the terms of the settlementagreement, Horizon Lines will make a payment of $5.75 millionwithin 10 business days of the Nov. 23, 2011, effective date, apayment of $4.0 million by June 30, 2012, and a final payment of$4.0 million by Dec. 24, 2012.

"We are very pleased with this settlement, which brings to closureour last known major financial exposure relating to antitrustclaims involving the Puerto Rico tradelane," said Michael T.Avara, executive vice president and chief financial officer. "Italso eliminates the potential for protracted and costlylitigation."

The agreement effectively resolves claims related to class actionlawsuits that were filed against Horizon Lines in 2008 on behalfof customers who purchased domestic ocean shipping services fromthe company and other ocean carriers in the Puerto Rico tradelanebetween May 2002 and April 2008. Horizon Lines entered into asettlement agreement with the class in June 2009, which receivedfinal court approval in September 2011. Some shippers opted outof the class settlement, and Horizon has previously announcedsettlement with a number of them. The announcement resolvesclaims of all the remaining significant opt outs.

About Horizon Lines

Charlotte, N.C.-based Horizon Lines, Inc. (NYSE: HRZ) is thenation's leading domestic ocean shipping and integrated logisticscompany. The Company owns or leases a fleet of 20 U.S.-flagcontainerships and operates five port terminals linking thecontinental United States with Alaska, Hawaii, Guam, Micronesiaand Puerto Rico. The Company provides express trans-Pacificservice between the U.S. West Coast and the ports of Ningbo andShanghai in China, manages a domestic and overseas service partnernetwork and provides integrated, reliable and cost competitivelogistics solutions.

The Company's balance sheet at Sept. 25, 2011, showed$677.4 million in total assets, $801.7 million in totalliabilities, and a stockholders' deficit of $124.3 million.

Ernst & Young LLP, in Charlotte, North Carolina, expressedsubstantial doubt Horizon Lines' ability to continue as a goingconcern, following the Company's results for the fiscal year endedDec. 26, 2010. The independent auditors noted that there isuncertainty that Horizon Lines will remain in compliance withcertain debt covenants throughout 2011 and will be able to curethe acceleration clause contained in the convertible notes.

"The Company believes the Oct. 5, 2011 refinancing transactionsmore fully described in Note 18 to these financial statements haveresolved the concern as to compliance with debt covenantsthroughout the remainder of 2011," the Company said in the filing."In addition, the Company believes it will be in compliance withits debt covenants through 2012."

Refinancing

The Company was not in compliance with the maximum senior securedleverage ratio and the minimum interest coverage ratio under itsSenior Credit Facility at the close of its third fiscal quarterended Sept. 25, 2011. Non-compliance with these financialcovenants constituted an event of default, which could haveresulted in acceleration of the maturity. None of theindebtedness under the Senior Credit Facility or Notes wasaccelerated prior to the completion of a comprehensive refinancingon Oct. 5, 2011.

The Senior Credit Facility and 99.3% of the 4.25% ConvertibleSenior Notes were repaid as part of the refinancing. In addition,as a result of the completion of the refinancing, the short-termobligations under the Senior Credit Facility, the Notes and theBridge Loan have been classified as long-term debt.

As a result of the efforts to refinance the Company's debt and the2011 amendments to the Senior Credit Facility, the Company paid$17.3 million in financing costs and recorded a loss onmodification of debt of $0.6 million during 2011.

* * *

As reported by the TCR on Aug. 26, 2011, Standard & Poor's RatingsServices lowered its long-term corporate credit rating on HorizonLines Inc. to 'SD' from 'CCC'.

The rating action on Horizon Lines follow the company's decisionto defer the interest payment on its $330 million seniorconvertible notes due August 2012, exercising the 30-day graceperiod. "Under our criteria, we view failure to make an interestpayment within five business days after the due date forpayment a default, regardless of the length of the grace periodcontained in an indenture," said Standard & Poor's credit analystFunmi Afonja.

INPHASE TECHNOLOGIES: Files Schedule of Assets and Liabilities--------------------------------------------------------------InPhase Technologies filed with the Bankruptcy Court its schedulesof assets and liabilities, disclosing:

Based in Longmont, Colorado, InPhase Technologies --http://www.inphase-tech.com-- develops holographic data storage recording media and systems. InPhase was founded in 2000.InPhase is led by CEO Art Rancis and senior vice president ofengineering James Russo. Initial InPhase customers includedTurner Broadcasting.

InPhase filed for Chapter 11 bankruptcy (Bankr. D. Colo. Case No.11-34489) on Oct. 18, 2011. The Debtor estimated assets of $50million to $100 million and estimated debts of $10 million to$50 million in its bankruptcy filing. The Debtor is representedby Joel Laufer, Esq. -- jl@jlrplaw.com -- at Laufer and PadjenLLC.

INTEGRATED BIOPHARMA: Three Directors Elected at Annual Meeting---------------------------------------------------------------Integrated Biopharma, Inc., on Nov. 28, 2011, held its 2011 AnnualMeeting of Shareholders. A total of 20,930,174 shares of theCompany's common stock, par value $0.002 per share, were entitledto vote as of the close of business on Oct. 27, 2011, the recorddate for the Annual Meeting. The holders of 20,154,461 shares ofcommon stock, a majority, were present in person or represented byproxy at the Annual Meeting, at which the shareholders were askedto vote on two proposals.

The Company's shareholders elected William Milmoe, Christina Kayand Robert Canarick to serve as Class II directors for a threeyear term expiring at the 2014 Annual Meeting of Shareholders.The Company's shareholders voted in favor of ratifying theappointment of Friedman, LLP, as the Company's independentauditors for the fiscal year ending June 30, 2012.

About Integrated BioPharma

Based in Hillside, N.J., Integrated BioPharma, Inc. (INBP.OB) ---- http://www.healthproductscorp.us/ -- is engaged primarily in manufacturing, distributing, marketing and sales of vitamins,nutritional supplements and herbal products. The Company'scustomers are located primarily in the United States. The Companywas previously known as Integrated Health Technologies, Inc., and,prior to that, as Chem International, Inc. The Company wasreincorporated in its current form in Delaware in 1995. TheCompany continues to do business as Chem International, Inc., withcertain of its customers and certain vendors.

The Company reported a net loss of $2.28 million on $25.13 millionof net sales for the fiscal year ended June 30, 2011, comparedwith a net loss of $5.53 million on $20.16 million of net salesduring the prior fiscal year.

The Company's balance sheet at Sept. 30, 2011, showed$13.41 million in total assets, $20.73 million in totalliabilities, all current, and a $7.32 million total stockholders'deficiency.

Friedman, LLP, in East Hanover, NJ, expressed substantial doubtabout the Company's ability to continue as a going concern. Theindependent auditors noted that the Company has a working capitaldeficiency, recurring net losses and has defaulted on its debtobligations.

Wells Fargo, as special services for U.S. Bank NationalAssociation, as trustee for registered holders of Wachovia BankCommercial Mortgage Trust, Commercial Mortgage Pass-ThroughCertificates, Series 2006-WHALE 7, relates that although itconsented to the Debtors' interim use of cash collateral and iswilling to consent to the Operating Debtor's continued use of thelender's cash collateral to fund their operations, Wells Fargo hastwo unresolved issues with the operating Debtors' request to usethe lender's cash collateral on a final basis.

Wells Fargo request that the Court condition the cash collateraluse on these:

1. the funds in the working capital account are the lender'scash collateral, according the Debtors must obtain Court'sauthorization to use them. Apparently, the Operating Debtorscontend that Wells Fargo does not have a perfected securityinterest in the cash collateral; that is maintained in the workingcapital account held by PMG, approximately $8.8 million.

2. the Operating Debtors cannot use the lender's cashcollateral to, in essence, make postpetition intercompany loans toMezz I Debtor, Mezz II Debtor, and Jameson Properties GP to fundthe Non-Operating Debtors' professional fees and other litigationexpenses.

Wells Fargo made a mortgage loan to the Operating Debtors in theoriginal principal amount of $175,000,000.

As reported in the Troubled Company Reporter , Nov 04, 2011, theCourt authorized several Jameson Inns Inc. units to use theirmortgage lender's cash collateral, handing them a short-termlifeline to fund the hotel chain's operations as they defendagainst a real estate private equity firm's bid to toss thecase.

Founded in 1987, Jameson is a chain of 103 small, budget hotelsoperating under the Jameson brand in the Southeast and Midwest.The Jameson properties are operated under the names Jameson Innand Signature Inn. The hotels are based in Smyrna, Georgia.

The chain was taken private in a 2006 buyout by JER Partners, aunit of real-estate investor J.E. Robert Cos. JER then put $330million of debt on the chain to finance the buyout. At the top ofthe list is a $175 million mortgage loan with Wells Fargo Bank NAserving as special servicer. There are four tranches of mezzanineloans, each for $40 million. The collateral for each of the MezzLoans is the equity interest in the entity or entities immediatelybelow the borrower of each Mezz Loan. All of the mezzanine loansmatured in August.

JER/Jameson NC Properties LP and JER/Jameson Properties LLC areborrowers under the loan with Wells Fargo. The mortgage loan issecured by mortgages on hotel properties. The first set offoreclosure sales were set for Nov. 1, 2011. The MortgageBorrowers have not sought bankruptcy protection.

Colony Capital affiliates, CDCF JIH Funding LLC and ColFin JIHFunding LLC, hold the first and second mezzanine loans. The FirstMezz Loan is secured by a pledge of JER/Jameson Mezz Borrower ILLC's 100% interest in the Mortgage Borrowers.

Prior to the maturity default, the Colony JIH Lenders purchasedthe Second Mezz Loan from a previous holder. The Second Mezz Loanis secured by a pledge of JER/Jameson Mezz Borrower II's 100%membership interest in the First Mezz Borrower.

Gramercy Warehouse Funding I LLC and Gramercy Loan Services LLChold a controlling participation interest in the Third Mezz andFourth Mezz Loans. JER Investors Trust Inc. holds the remainingparticipation interests in the Third Mezz and Fourth Mezz Loans.JER/Jameson Holdco LLC, an affiliate of the Mortgage Borrowers,owns the 100% equity interest in the Fourth Mezz Borrower.Gramercy took over its mezzanine borrower in August.

Jefferson County filed a bankruptcy petition under Chapter 9(Bankr. N.D. Ala. Case No. 11-05736) on Nov. 9, 2011, after anagreement among elected officials and investors to refinance$3.1 billion in sewer bonds fell apart.

John S. Young Jr. LLC was appointed as receiver by Alabama CircuitCourt Judge Albert Johnson in September 2010.

Jefferson County's bankruptcy represents the largest municipaldebt adjustment of all time. The county said that long-term debtis $4.23 billion, including about $3.1 billion in defaulted sewerbonds where the debt holders can look only to the sewer system forpayment.

The county said it would use the bankruptcy court to put a valueon the sewer system, in the process fixing the amount bondholdersshould be paid through Chapter 9.

JOHN D. OIL: Mark Dottore Appointed as Receiver-----------------------------------------------John D. Oil and Gas Company's $9.5 million line of credit with RBSCitizens, N.A., dba Charter One matured on Aug. 1, 2009, at whichtime the Company was in default. This line of credit isguaranteed by Richard M. Osborne, the Company's chairman of theboard and chief executive officer. On Aug. 24, 2009, Charter Onereceived a judgment in its favor against the Company and Mr.Osborne related to this debt. On June 18, 2010, the Company,other parties, and Charter One entered into a forbearanceagreement, pursuant to which Charter One agreed to forbear fromenforcing its rights and remedies under the Company's line ofcredit as well as the other parties' loan agreements until July 1,2011, subject to no further events of default including thepayments due under the forbearance agreement. As of July 1, 2011,the forbearance period expired and the Company has not paid offthe line of credit.

On Oct. 3, 2011, Charter One instituted an action titled RBSCitizens, N.A., dba Charter One v. John D. Oil and Gas Co., et.al., in the United States District Court Northern District of OhioEastern Division claiming a default under the line of credit andseeking to foreclose upon property of the Company securing theline of credit and to appoint a receiver for the Company andcertain companies owned or controlled by Mr. Osborne.

On Nov. 21, 2011, Judge Christopher A. Boyko issued an orderappointing Mark E. Dottore as receiver to marshal and maintain thevalue of the assets of the Company as well as certain companiesowned or controlled by Mr. Osborne. The order authorizes Mr.Dottore to take control and possession of the Company's accountingrecords, financial statements and assets and to manage the Companyas he deems prudent.

The Company continues to meet with Charter One to attempt to reacha resolution satisfactory to both parties. Additionally, theCompany continues to pursue alternative sources of financing.However, there can be no guarantee that the Company will reachagreement with Charter One or obtain alternate financing.

About John D. Oil

Mentor, Ohio-based John D. Oil and Gas Company is in the businessof acquiring, exploring, developing, and producing oil and naturalgas in Northeast Ohio. The Company currently has fifty-eightproducing wells.

The Company reported a net loss of $1.38 million on $2.63 millionof total revenues for the year ended Dec. 31, 2010, compared witha net loss of $2.69 million on $4.04 million of total revenuesduring the prior year.

The Company also reported a net loss of $1.54 million on $1.20million of total revenues for the nine months ended Sept. 30,2011, compared with a net loss of $781,041 on $2.07 million oftotal revenues for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed$8.12 million in total assets, $12.92 million in total liabilitiesand a $4.79 million total deficit.

As reported by the TCR on April 7, 2011, Maloney + Novotny LLC, inCleveland, Ohio, expressed substantial doubt about the Company'sability to continue as a going concern, following the Company's2010 financial results. The independent auditors noted that theCompany has suffered recurring losses and has $9.5 million of debtcurrently due and subject to a forbearance.

KENTUCKIANA MEDICAL: County Officials Weigh Proposed Funding------------------------------------------------------------Business First reports that Clark County officials are consideringa proposal to provide backing for Kentuckiana Medical Center.According to the report, the proposal calls for a Utah-basedfinancial company, Argenta Group, to take out a loan to refinancethe Clarksville hospital, then lease it to the county. The countywould sublease the hospital to its partners.

The report says Clark County would not guarantee the debt butwould use its status to enable the financing. The Clark CountyCouncil was approached about the proposal last week. The U.S.Bankruptcy Court for the Southern District of Indiana has grantedmore time for consideration of the plan.

KOREA TECHNOLOGY: Examiner to Retain Piercy Bowler as Accountants-----------------------------------------------------------------Mark D. Hashimoto, in his capacity as examiner in the bankruptcycase of Korea Technology Industry America, Inc., et al., seeks theauthority of the U.S. Bankruptcy Court for the District of Utah toretain Piercy Bowler Taylor & Kern as his accountants andfinancial advisors.

Piercy Bowler will charge the Debtors for services on an hourlybasis. The hourly rate of Piercy Bowler's staff accountant, whowill be assisting in the case, is $120 to $270.

To the best of Mr. Hashimoto's knowledge, Piercy Bowler is a"disinterested person" within the meaning of Section 101(14) ofthe Bankruptcy Code.

Richard A. Wieland, the United States Trustee for Region 19, hasappointed three members to the Official Committee of UnsecuredCreditors.

LA VILLITA: Court OKs Hohmann Taube as New Counsel--------------------------------------------------The U.S. Bankruptcy Court for the Western District of Texasapproves the employment of Hohmann, Taube & Summers, LLP, ascounsel for La Villita Motor Inns, J.V., in place of Oppenheimer,Blend, Harrison and Tate, Inc., effective nunc pro tunc as ofSept. 26, 2011.

As counsel, Hohmann Taube will:

a) advise the Debtor as to its rights and responsibilities;

b) take all necessary action to protect and preserve the estate of the Debtor, as well as the prosecution of actions or adversary or other proceedings on the Debtor's behalf;

c) develop, negotiate and promulgate the Chapter 11 plan for the Debtor and prepare the disclosure statement;

d) prepare on behalf of the Debtor all necessary applications, motions, and other pleadings and papers in connection with the administration of the estate; and

e) perform all other legal services required by the Debtor in connection with the Chapter 11 case.

The Debtor will also reimburse Homann Taube for expenses itincurred or will incur.

In connection with OBHT's transition of its representation of theDebtor to Hohmann Taube, the Court authorized OBHT to transfer tothe Hohmann Taube, to hold for the same purpose and upon the sameterms, the funds maintained for the Debtor's benefit in OBHT'sIOLTA reserve account for the payment of the Debtor's accruing butunassessed tax obligations.

About La Villita Motor Inns JV

San Antonio, Texas-based La Villita Motor Inns JV is a jointventure, formed on or about April 14, 1980, that owns and operatesa hotel located at 100 La Villita in San Antonio, Texas, known asthe Riverwalk Plaza Hotel. It filed for Chapter 11 bankruptcyprotection (Bankr. Case No. 10-54864) on Dec. 17, 2010. Debra L.Innocenti, Esq., at Oppenheimer Blend Harrison & Tate, serves asthe Debtor's bankruptcy counsel. The Debtor estimated assets at$10 million to $50 million and debts at $1 million to $10 million.

Many Lehman Note holders have filed claims in the Lehmanbankruptcy proceeding and are hoping to recover their losses inthe Notes through that process instead of filing an individualsecurities arbitration claim. However, it appears that based onthe proposed Third Amended Joint Chapter 11 Plan of LehmanBrothers, investors will only receive about 21 cents for everydollar invested in Lehman Notes. Accordingly, investors shouldavail themselves of all remedies in attempting to recover theirlosses, including filing a securities arbitration claim. Further,investors should determine if they have to contend with anystatute of limitations issues.

Additionally, while a class action lawsuit has been filed relatingto the Lehman Notes, K&T reminds investors of the benefits offiling an individual arbitration claim, as opposed toparticipating in a class action lawsuit. By participating in aclass action lawsuit, an investor may only recover a nominalamount. However, if one has experienced significant investmentlosses, it may be more beneficial for them to file an individualsecurities arbitration claim. In 2003, Klayman & Toskes conducteda detailed study of securities arbitration versus class action.The study concluded that investors who file a securitiesarbitration claim traditionally obtain an overall higher rate ofrecovery as opposed to participating in a class action lawsuit.To view the full results of the comparison, please visit our web-site: http://www.nasd-law.com/documents/classvr.pdf

About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. Formore than 150 years, Lehman Brothers has been a leader in theglobal financial markets by serving the financial needs ofcorporations, governmental units, institutional clients andindividuals worldwide.

Additional units, Merit LLC, LB Somerset LLC and LB PreferredSomerset LLC, sought for bankruptcy protection in December 2009or more than a year after LBHI and its other affiliates filedtheir bankruptcy cases.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.District Court for the Southern District of New York, entered anorder commencing liquidation of Lehman Brothers, Inc., pursuantto the provisions of the Securities Investor Protection Act (CaseNo. 08-CIV-8119 (GEL)). James W. Giddens has been appointed astrustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchaseof Lehman Brothers' North American investment banking andcapital markets operations and supporting infrastructure forUS$1.75 billion. Nomura Holdings Inc., the largest brokeragehouse in Japan, purchased LBHI's operations in Europe for US$2plus the retention of most of employees. Nomura also boughtLehman's operations in the Asia Pacific for US$225 million.

International Operations Collapse

Lehman Brothers International (Europe), the principal UK tradingcompany in the Lehman group, was placed into administration,together with Lehman Brothers Ltd, LB Holdings PLC and LB UK REHoldings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann andMike Jervis, partners at PricewaterhouseCoopers LLP, have beenappointed as joint administrators to Lehman BrothersInternational (Europe) on Sept. 15, 2008. The jointadministrators have been appointed to wind down the business.

LIBERTY STATE: Faces New Charges Lodged by Attorney General-----------------------------------------------------------NJToday.net reports that the Office of the Attorney General,through the New Jersey Bureau of Securities within the Division ofConsumer Affairs, has filed new charges in a lawsuit pending inState Superior Court, alleging that several individuals defraudeddozens of investors after raising approximately $8.5 million.

The report, citing amended complaint, says the fraudulent schemeinvolved the sale of allegedly secure three-year notes, promising12% annual rates of return, to 73 investors, many of whom wereelderly and retired. The state alleges that none of thedefendants or the securities were registered with the bureau, asrequired by New Jersey's Uniform Securities Law, and the investorfunds that were raised were misused, in part, to pay otherexisting investors.

The report relates that, additionally, roughly $5 million ininvestor funds was allegedly "improperly transferred," in whole orin part, to certain defendants, members of their families, and alaw firm controlled by one of the defendants.

The report says, at the bureau's request, and with the consent ofLSFHC and LSBPA, the court appointed a fiscal agent to overseeLSFHC and LSBPA this March. In July, the two defendant companiesfiled for Chapter 11 bankruptcy, and the court appointed abankruptcy trustee in September.

Liberty State and two affiliates filed for Chapter 11 protection(Bankr. D. Del. Case No. 11-_____) on July 29, 2011.

The Company will not receive any of the proceeds from the sale ofthese shares. However, the Company may receive up to $3,566,576upon the exercise of the warrants if the holders exercise them forcash. If some or all of the warrants are exercised, the money theCompany receives will be used for general corporate purposes,including working capital requirements. The Company will pay allthe expenses incurred in connection with the offering, with theexception of brokerage expenses, fees, discounts and commissions,which will all be paid by the selling stockholders.

The prices at which the selling stockholders may sell the sharesof common stock that are part of this offering may be marketprices prevailing at the time of sale, at negotiated prices, atfixed prices or at varying prices determined at the time of sale.

The Company's common stock is currently quoted on the OTC BulletinBoard under the symbol "LBAS." On Aug. 25, 2011, the lastreported price was $0.79 per share.

As reported in the Troubled Company Reporter on Dec. 22, 2010,Comiskey & Company, in Denver, Colo., expressed substantial doubtabout Location Based Technologies' ability to continue as a goingconcern following its results for the fiscal year ended August 31,2010. The independent auditors noted that the Company hasincurred recurring losses since inception and has an accumulateddeficit in excess of $28,800,000 and a working capital deficit inexcess of $5,900,000.

The Company's balance sheet at May 31, 2011, showed $1.77 millionin total assets, $7.70 million in total liabilities, and a$5.93 million stockholders' deficit.

LOU PEARLMAN: Ongoing Litigation Blocks Payment to Victims----------------------------------------------------------Richard Burnett at Orlando Sentinel reports that U.S. BankruptcyTrustee Soneet Kapila in the case of Lou Pearlman said thatproceeds of the $7.5 million settlement with MTV Networks Co.will help pay for other litigation aimed at recovering evenmore money linked to Mr. Pearlman's Ponzi scheme.

According to the report, victims of Mr. Pearlman are still nocloser to getting their first dime of restitution.

The report relates that the Bankruptcy Trustee said legal feesrelated to the MTV lawsuit and the costs of other, ongoinglitigation will prevent it from paying anything to Mr.Pearlman's victims for the foreseeable future. There are114 lawsuits pending in the case, with the largest among themtargeting banks that enabled Mr. Pearlman's fraud.

The report says critics of the Bankruptcy Trustee's handling ofthe case have accused it of neglecting victims -- or, in someinstances, suing them instead -- while lawyers and otherbankruptcy-related professionals have received more than 90% ofthe $6.8 million Bankruptcy Trustee has already paid out. In2009, the Bankruptcy Trustee sued 700 individual investors andfirms, alleging they knew or should have known about Mr.Pearlman's fraud. After lawyers for the investors contested theBankruptcy Trustee's move in court, it dropped 232 of thecontroversial suits against individuals, many of them elderlyformer clients of Mr. Pearlman's.

The report says the Bankruptcy Trustee acknowledged it stilldoesn't yet know which claims against the estate are fromlegitimate victims and which are not. Nearly 1,400 claims havebeen filed against Mr. Pearlman's businesses, but the BankruptcyTrustee and its lawyers have not started vetting them.

The related cases incorporate a classic Ponzi scheme of roughly$500 million and transactions intertwined in over 100 relatedentities, according to Kapila & Company. The number of investorsand loss victims exceeds 1,400 and the case involves investigationof off-shore assets.

In addition, a related corporation, F.F. Station, LLC, filed aseparate voluntary Chapter 11 case on Feb. 20, 2007 (Bankr. M.D.Fla. Case No. 07-575); however, the case is not jointlyadministered with the cases of the other Debtors.

MERCANTILE BANCORP: Voluntarily Delists Common Shares on NYSE-------------------------------------------------------------Mercantile Bancorp, Inc., filed on Nov. 28, 2011, a Form 25,Notification of Removal from Listing or Registration under Section12(b) of the Securities Exchange Act of 1934, with the Securitiesand Exchange Commission. The Company anticipates that the Form 25will become effective 10 days following its filing, and that theCommon Stock would be removed from listing on NYSE Amex on orabout Dec. 8, 2011. Following anticipated delisting from NYSEAmex, the Common Stock will not be quoted on any stock exchange,and there cannot be any assurance that the shares will be quotedon any over-the-counter market.

On or after the effective date of delisting, the Company intendsto file a Form 15 with the SEC to voluntarily effect thederegistration of its common stock. The Company is eligible toderegister by filing Form 15 because it has fewer than 300 holdersof record of its common stock. Upon the filing of the Form 15,the Company's obligations to file certain reports with the SEC,including Forms 10-K, 10-Q and 8-K and proxy statements, willimmediately be suspended.

About Mercantile Bancorp

Mercantile Bancorp -- http://www.mercbanx.com/-- is a Quincy, Illinois-based bank holding company with wholly owned subsidiariesconsisting of one bank in Illinois and one each in Kansas andFlorida, where the Company conducts full-service commercial andconsumer banking business, engages in mortgage banking, trustservices and asset management, and provides other financialservices and products. The Company also operates Mercantile Bankbranch offices in Missouri and Indiana.

On Aug. 10, 2011, the Illinois Division of Banking released aConsent Order that Mercantile Bank, the Federal Deposit InsuranceCorporation, and the Division entered into as of July 28, 2011.Under the Order, Mercantile Bank will cease operating with allmoney transmitters and currency businesses providing brokerage,sale or exchange of non-United States currency for depositcustomers. Furthermore, Mercantile Bank may not enter into a newline of business without the prior written consent of the FDIC andthe Division.

The Company also reported a net loss of $11.25 million on$27.28 million of total interest and dividend income for the ninemonths ended Sept. 30, 2011, compared with a net loss of$30.68 million on $34.13 million of total interest and dividendincome for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed$868.26 million in total assets, $885.67 million in totalliabilities, and a $17.41 million total stockholders' deficit.

As reported in the TCR on April 26, 2011, BKD, LLP, in Decatur,Illinois, expressed substantial doubt about Mercantile Bancorp'sability to continue as a going concern, following the Company's2010 results. The independent auditors noted that the Company hassuffered recurring losses resulting from the effects of theeconomic downturn causing its subsidiary banks to beundercapitalized and resulting in consent orders to be issued bytheir primary regulators.

The investigation focuses on allegations that the Companymishandled customers' assets, including commingling customer fundswith its own funds. FT is also investigating the possibility thatother institutions, including banks, aided and abetted MF Global'sconduct.

The Company recently filed for bankruptcy after revealing that ithad made a disastrous $6.3 billion bet on European sovereign debt,leading to the resignation of its CEO, former New Jersey governorJohn Corzine. Since the filing, the bankruptcy trustee hasestimated a shortfall of up to $1.2 billion in segregated customeraccounts, with the final figure likely to be substantially higher.

Finkelstein Thompson LLP has spent over three decades deliveringoutstanding representation to institutional and individual clientsin financial litigation, and has been appointed as lead or co-leadcounsel in dozens of financial class actions. Indeed, the firmhas served in leadership roles in cases that have recovered over$1 billion for investors and consumers. Attorney advertising.Prior outcomes do not guarantee similar results.

About MF Global

New York-based MF Global (NYSE: MF) -- http://www.mfglobal.com/-- is one of the world's leading brokers of commodities and listedderivatives. MF Global provides access to more than 70 exchangesaround the world. The firm is also one of 22 primary dealersauthorized to trade U.S. government securities with the FederalReserve Bank of New York. MF Global's roots go back nearly 230years to a sugar brokerage on the banks of the Thames River inLondon.

The Securities Investor Protection Corporation commencedliquidation proceedings against MF Global Inc. to protectcustomers. James W. Giddens was appointed as trustee pursuant tothe Securities Investor Protection Act. He is a partner at HughesHubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO ofGoldman Sachs Group Inc., stepped down as chairman and chiefexecutive officer of MF Global just days after the bankruptcyfiling.

U.S. regulators are investigating about $633 million missing fromMF Global customer accounts, a person briefed on the matter saidNov. 3, according to Bloomberg News.

MISTER BEE: Creditors' Meeting Set for Jan. 1---------------------------------------------The Associated Press notes that a meeting of creditors of MisterBee Potato Chip Company is set for Jan. 1, 2012.

MONEYGRAM INT'L: Goldman Sachs Discloses 19.8% Equity Stake-----------------------------------------------------------In an amended Schedule 13D filing with the U.S. Securities andExchange Commission, The Goldman Sachs Group, Inc., and itsaffiliates disclosed that, as of Nov. 23, 2011, they beneficiallyown 14,176,820 shares of common stock of MoneyGram International,Inc., representing 19.8% of the shares outstanding. Thecalculation of percentage ownership is based upon a total of71,489,709 shares of Common Stock outstanding, which is the sumof:

(a) 57,341,017 shares of Common Stock outstanding as of Nov. 10, 2011, as set forth in the Preliminary Prospectus Supplement, filed Nov. 14, 2011; plus

(b) 14,148,692 shares of Common Stock issuable upon the conversion by a holder other than the Reporting Persons or their affiliates, subject to certain limitations, of the 113,189.5678 shares of Series D Participating Convertible Preferred Stock of the Issuer issued to the Reporting Persons pursuant to the Recapitalization Agreement.

As previously reported by the TCR on Nov. 22, 2011, Goldman Sachsdisclosed beneficial ownership of 21,650,904 shares or 30.3%equity stake.

The Company's balance sheet at Sept. 30, 2011, showed $5 billionin total assets, $5.10 billion in total liabilities and a $108.16million total stockholders' deficit.

* * *

As reported by the TCR on Nov. 15, 2011, Fitch Ratings hasaffirmed and simultaneously withdrawn the 'B+' Issuer DefaultRating (IDR) of MoneyGram International Inc. Fitch has withdrawnthe rating for business reasons. The ratings is no longerrelevant to the agency's coverage.

The Company's balance sheet at Sept. 30, 2011, showed $5 billionin total assets, $5.10 billion in total liabilities and a $108.16million total stockholders' deficit.

* * *

As reported by the TCR on Nov. 15, 2011, Fitch Ratings hasaffirmed and simultaneously withdrawn the 'B+' Issuer DefaultRating (IDR) of MoneyGram International Inc. Fitch has withdrawnthe rating for business reasons. The ratings is no longerrelevant to the agency's coverage.

MONEYGRAM INT'L: Silver Point Discloses 1.3% Equity Stake---------------------------------------------------------In an amended Schedule 13D filing with the U.S. Securities andExchange Commission, Silver Point Capital, L.P., and itsaffiliates disclosed that, as of Nov. 23, 2011, they beneficiallyown 759,093 shares of common stock of MoneyGram International,Inc., representing 1.3% of the shares outstanding. Thispercentage is calculated based upon 57,341,017 outstanding sharesof Common Stock as of Nov. 23, 2011.

As previously reported by the TCR on Nov. 22, 2011, Silver Pointdisclosed beneficial ownership of 794,447 shares or 1.6% equitystake.

The Company's balance sheet at Sept. 30, 2011, showed $5 billionin total assets, $5.10 billion in total liabilities and a $108.16million total stockholders' deficit.

* * *

As reported by the TCR on Nov. 15, 2011, Fitch Ratings hasaffirmed and simultaneously withdrawn the 'B+' Issuer DefaultRating (IDR) of MoneyGram International Inc. Fitch has withdrawnthe rating for business reasons. The ratings is no longerrelevant to the agency's coverage.

MONTANA ELECTRIC: Can Employ Malcolm Goodrich as Gen. Co-Counsel----------------------------------------------------------------The U.S. Bankruptcy Court for the District of Montana has grantedSouthern Montana Electric Generation and Transmission Cooperative,Inc., permission to employ Malcolm H. Goodrich and professionalsfrom the law firm of Goodrich Law Firm, P.C., to serve as generalco-counsel to provide general counseling and representation beforethe Bankruptcy court.

The Court is satisfied that the firm represents no interestsubstantially adverse to Debtor, or to Debtor's estate in thematters upon which this case concerns and that employment isnecessary and would be in the best interest of the estate.

All fees paid to said professional are subject to the approval ofthis Court upon the filing of a proper application for reasonableprofessional fees and reimbursement for actual, necessary expensesin accordance with Mont. LBR 2016-1.

About Southern Montana

Based in Billings, Montana, Southern Montana Electric GenerationAnd Transmission Cooperative, Inc., was formed to serve fiveother electric cooperatives. The city of Great Falls later joinedas the sixth member. Including the city, the co-op serves apopulation of 122,000. In addition to Great Falls, the servicearea includes suburbs of Billings, Montana.

Southern Montana filed for Chapter 11 bankruptcy (Bankr. D.Mont. Case No. 11-62031) on Oct. 21, 2011. Southern Montanaestimated assets of $100 million to $500 million and estimateddebts of $100 million to $500 million. Timothy Gregori signed thepetition as general manager.

Standard & Poor's Ratings Services in October lowered its issuercredit rating on SME to 'CC' from 'BBB', and placed the rating onCreditWatch with developing implications. These actions followthe cooperative's Oct. 21 bankruptcy filing under Chapter 11 ofthe U.S. Bankruptcy Code. According to SME, the filing was inresponse to failure on the part of some of its members to honorcontractual obligations, including payment to the cooperative forservices.

MOORE SORRENTO: Can Use Wells Fargo Cash Collateral Until Jan. 1----------------------------------------------------------------The U.S. Bankruptcy Court for the Northern District of Texasauthorized, in a fourth interim order, Moore Sorrento, LLC, to usethe cash collateral which Wells Fargo Bank, N.A., asserts aninterest.

The Debtor's authority to use cash collateral will terminate onJan. 1, 2012, at 12:00 a.m., prevailing Central Time. The finalhearing to consider the Debtor's request for approval of themotion will be held on Jan. 5, at 1:30 p.m.

As of the Petition Date, Wells Fargo asserts a perfected andsenior priority lien on the Wells Fargo Collateral to securepayment of the First Note, as reflected by, among other things,that certain Mortgage (with Power of Sale), Security Agreement,Assignment of Rents and Financing Statement dated Nov. 7, 2007,and that certain Assignment of Rents dated Nov. 7, 2007.

The Debtor will use the cash collateral to fund its businessoperations. The Debtor must not exceed the expenditures by 10% onany line item basis or 10% of the total monthly expenditures,provided that the Debtor will not make any payments to or for thebenefit of any "insider".

Notwithstanding anything to the contrary herein, the Debtor isauthorized to:

a) use up to $76,562 of Excess Cash during the month of November 2011 to make one or more payments to one or more of the T.I. Tenants in order to reduce the unpaid balance of the T.I.s owed by the Debtor to the T.I. Tenants; and

b) use up to an additional $76,562 of Excess Cash during the month of December 2011 to make one or more payments to one or more of the T.I. Tenants in order to reduce the unpaid balance of the T.I.s owed by the Debtor to the T.I. Tenants.

The Debtor will have sole and complete discretion to determine theportion, if any, of the $76,562 of Excess Cash the Debtor isauthorized to expend in both November 2011 and December 2011;provided, however, that the Debtor will not pay to any particularT.I. Tenant an amount exceeding the amount necessary to fullysatisfy the unpaid balance of the T.I. owed by the Debtor to T.I.Tenant.

As adequate protection for any diminution in value of the lender'scollateral, the Debtors will grant Wells Fargo replacement lienson the prepetition Wells Fargo collateral, and property acquiredby the Debtor after the Petition Date; and superpriorityadministrative expense claim.

As additional adequate protection:

-- the Debtor will make (a) an adequate protection payment to Wells Fargo by Nov. 10, 2011, in the amount of $100,000, and (b) an adequate protection payment to Wells Fargo by Dec. 10, 2011, in the amount of $100,000. The payments will be applied to outstanding interest due under the loans.

-- on or before the 10th day of each month, the Debtor will deposit escrows for real estate taxes ($23,100) and insurance ($3,300), which amounts will be held by Wells Fargo in reserve accounts pending further order of the Court.

As reported in the TCR on Oct. 20, 2011, Moore Sorrento delivereda plan of reorganization and disclosure statement dated Oct. 3,2011, to the U.S. Bankruptcy Court for the Northern District ofTexas.

All classes of claims and interests are estimated to have 100%recovery under the Plan.

NATIONAL AIR: Moody's Assigns 'B3' Rating to Secured Notes----------------------------------------------------------Moody's Investors Service assigned first time ratings to NationalAir Cargo Holdings, Inc., Corporate Family ("CFR") and Probabilityof Default ratings each at Caa2 and $68 million of senior securednotes due 2015 at B3. NACH privately placed the Notes in December2010. The outlook is stable.

The Notes are secured by perfected first priority securityinterests in two 1991 and one 1993 vintage Boeing 747-400freighters. Moody's used its Equipment Trust Certificate ratingmethodology when assigning the B3 rating to the Notes. The B3rating considers the expectation that the noteholders wouldbenefit from the protections of Section 1110 of Title 11 of theUnited States Code and Moody's estimate of a moderate loan-to-value of approximately 60%. The Notes are an amortizingobligation. The absence of a liquidity facility leads to lessratings uplift than other Section 1110-eligible aircraft financingstructures that include such facilities.

RATINGS RATIONALE

The near-term maturity of the company's other debt facility (notrated) constrains the Corporate Family Rating ("CFR") at Caa2.That facility is secured by the company's four Boeing B757-200aircraft. Moody's understands that the company is in the marketseeking to arrange a new multi-year credit facility in advance ofthis facility's January 31, 2012 maturity date. NACH is also indiscussions to arrange an extension of this facility in the eventany new facility is not closed by the existing maturity date. TheCFR also reflects the company's relatively small size, executionrisks inherent in the strategy to introduce asset heavy operationsto its long-running asset-light freight forwarding business modeland the high reliance on the U.S. Department of Defense ("DoD")for a significant portion of its revenue. Changes in scope ofmilitary operations and troop deployment levels can cause sharpswings in the DoD's demand for the company's services over time.Additionally, NACH's strategy contemplates meaningfulcontributions to earnings and operating cash flows from the growthof commercial freight operations. Demand for commercial freight isclosely linked to global economic growth rates, and to a lesserdegree, by freight mode choices by potential customers formaterials or products sourced mainly from southeast Asia. Moody'santicipates that NACH will operate its freighters on a spot basisas it seeks commercial backhauls to increase the aircraftutilization on the return legs of the DoD's Air Mobility Command("AMC") flights. The volume of B747-400 cargoes from the AMC couldalso trail the company's expectations since other providers of airfreight services to the AMC are executing a similar strategy, thatof deploying more fuel efficient B747-400 freighters in attemptsto win a greater share of the overall demand from the AMC. Thisapproach is riskier than contracted ACMI (aircraft, crew,maintenance and insurance) operations since spot demand typicallyrepresents marginal demand that is likely the first to declineduring economic troughs.

The stable outlook reflects Moody's belief that near term levelsof demand from the existing customer base should allow the companyto maintain earnings and cash flows at levels that support itsdebt service obligations. Additionally, the owned aircraft, fourBoeing 757s and three Boeing B747-400s, and the company's othernon-aircraft assets (mainly accounts receivable) provide asignificant amount of collateral that should help the companyarrange a new credit facility. The ratings would benefit from asuccessful refinancing that meaningfully extended the maturitydate of the credit facility. Additional benefit could follow thesuccessful implementation of asset heavy operations for the B747and B757 aircraft including garnering the new business that NACHanticipates from the DoD and from new commercial customers. Theinability to timely refinance the existing term loan couldnegatively pressure the ratings as could the inability to achievethe financial performance the company expects from the investmentin the freighters.

The principal methodologies used in rating National Air CargoHoldings, Inc. were the Global Business & Consumer ServiceIndustry Rating Industry Methodology published in October 2010 andEnhanced Equipment Trust And Equipment Trust Certificates IndustryMethodology published in December 2010.

National Air Cargo Holdings, Inc. is a provider of freightforwarding services and operates a Part 121 certificated aircarrier and both business lines serve principally military andindustrial customers.

NCO GROUP: Business Combination with APAC Sought------------------------------------------------One Equity Partners informed NCO Group, Inc., that it intended toseek to combine APAC Customer Services, Inc., with the Company tobuild market leadership in business process outsourcing andcustomer care solutions. The Combination is subject to boardapproval and obtaining new debt financing, and the terms of anysuch Combination have not been finalized.

As previously disclosed, APAC, was acquired by OEP, the majoritystockholder of NCO Group, on Oct. 14, 2011. OEP has informed theCompany that it funded that acquisition with $300 million ofequity and a $159 million bridge loan.

There can be no assurance that the Combination will be completedor if completed, the terms or timing of any the Combination. Ifthe Combination occurs, the Company's management has targetedapproximately $30 million of annualized cost savings anticipatedto be achieved after the completion of the Combination. Further,OEP has informed the Company that, if the Combination occurs, ithas committed to keep the $300 million of equity funded by OEP inconnection with the APAC acquisition invested in the combinedbusiness. As part of the Combination, the Company anticipateschanging its name to Expert Global Solutions, Inc.

The Company is currently seeking to obtain debt financing torefinance substantially all of its outstanding indebtedness,consisting of a new credit facility (comprised of a revolvingcredit line of approximately $120 million (under which it iscurrently anticipated that no significant amounts will be drawn atthe time of the refinancing closing), and a term loan ofapproximately $750 million) and the issuance of new seniorunsecured notes having a principal amount of approximately $300million. Proceeds from the new borrowings would be used to repaysubstantially all of NCO's and APAC's existing debt, and relatedfees and expenses. Such debt financing is subject, among otherthings, to the completion of the Combination and board approval.There can be no assurance that such new debt financing will beavailable on terms acceptable to the Company, or at all.

Furthermore, there can be no assurance that the Company cansuccessfully refinance its outstanding indebtedness, that it canrealize the anticipated cost savings or that the Combination willbe consummated.

In addition, these additional borrowings and liabilities may havea materially adverse effect on the Company's liquidity and capitalresources. Completing any such refinancing and Combinationinvolves a number of risks, including diverting management'sattention from the Company's daily operations, the use ofadditional management, operational and financial resources, systemconversions, and the inability to maintain key pre-Combinationrelationships with customers, suppliers and employees. If theCombination occurs, the Company might not be able to successfullyintegrate the Combination into the Company's business or operatethe combined businesses profitably, and the Company may be subjectto unanticipated problems and liabilities of APAC.

About NCO Group Inc.

Based in Horsham, Pennsylvania, NCO is a global provider ofbusiness process outsourcing services, primarily focused onaccounts receivable management and customer relationshipmanagement. NCO has over 25,000 full and part-time employees whoprovide services through a global network of over 100 offices.The company is a portfolio company of One Equity Partners andreported revenues of about $1.2 billion for the twelve monthperiod ended Sept. 30, 2007.

The Company reported a net loss of $155.71 million on$1.60 billion of revenue for the year ended Dec. 31, 2010,compared with a net loss of $88.14 million on $1.58 billion ofrevenue during the prior year.

The Company also reported a net loss of $104.49 million on$1.15 billion of total revenues for the nine months endedSept. 30, 2011, compared with a net loss of $73.45 million on$1.18 billion of total revenues for the same period during theprior year.

The Company's balance sheet at Sept. 30, 2011, showed$1.12 billion in total assets, $1.14 billion in total liabilitiesand a $17.89 million total stockholders' deficit.

* * *

As reported by the Troubled Company Reporter on Feb. 2, 2011,Moody's Investors Service downgraded NCO Group, Inc.'s CFR to Caa1from B3 and changed the outlook to negative. Simultaneously,Moody's has also downgraded each of NCO's debt instrument ratingsby one notch and lower the Speculative Grade Liquidity rating toSGL-4 from SGL3. The downgrade reflects Moody's concern thatgreater than expected revenue declines and continued earningspressure will extend beyond current levels due to deterioratingconsumer payment patterns and weaker volumes. In addition,Moody's expects financial flexibility will be further aggravatedby tightening headroom under its financial covenants and apotential breach of covenants which will limit the company'sability to draw upon its revolver. Also, the company faces animpending maturity on its $100 million senior secured revolvingcredit facility due November of 2011.

The rating action follows the company's proposed merger with APACCustomer Services, Inc. and proposed refinancing of the company'sexisting capital structure. If the merger and refinancingtransaction close on terms consistent with those proposed, theCorporate Family and Probability of Default Ratings are expectedto be upgraded by two notches, to B2 from Caa1.

In connection with the proposed refinancing, Moody's also assigneda B1 rating to the proposed $120 million senior secured revolvingcredit facility and $750 million senior secured term loan, and aCaa1 to the proposed $300 million senior unsecured note offering.The ratings are subject to review of final documentation. Uponclose, the existing debt instrument ratings of NCO will bewithdrawn and the rating outlook is expected to be changed tostable.

The proceeds of the term loan and unsecured notes will be used torepay NCO and APAC's existing debt and pay related fees andexpenses. NCO and APAC are now portfolio companies of One EquityPartners ("OEP"), which recently acquired APAC for $470 millionand has publicly stated its intention of combining APAC with NCO.Post merger, Moody's expects NCO to benefit from an enhancedliquidity and maturity profile, as well as from OEP's $300 millionequity contribution as part of its acquisition of APAC. OEP'sbridge loan to APAC of approximately $159 million will be repaidusing proceeds from the new senior credit facility and the notes.

If the acquisition and refinancing close based on the proposedterms, Moody's expects to upgrade the CFR to B2 with a stableratings outlook. If the acquisition and refinancing are notcompleted, Moody's expects to confirm the Caa1 CFR with a negativeratings outlook.

Moody's expects the environment for the collection of delinquentaccounts receivable to remain difficult, as many consumersstruggle with high unemployment, lack of wage growth andconstrained access to credit. However, the combination with APACwill enhance the company's scale and business-line diversity intothe more stable Customer Relationship Management (CRM) segment,while also improving the company's liquidity and maturity profile.The expected B2 CFR also incorporates Moody's expectation that thecompany's financial leverage will improve in the near-term aftercompletion of the merger due to debt repayment, stabilization ofthe company's revenue base, realization of merger-relatedsynergies and improved cost controls.

The principal methodology used in rating NCO Group, Inc. was theGlobal Business & Consumer Service Industry published in October2010. Other methodologies used include Loss Given Default forSpeculative-Grade Non-Financial Companies in the U.S., Canada andEMEA published in June 2009.

Based in Horsham, Pennsylvania, NCO Group, Inc. is a globalprovider of business process outsourcing (BPO) services, primarilyfocused on accounts receivable management (ARM) and customerrelationship management (CRM) solutions to a variety of sectorsincluding financial services, telecommunications, healthcare,retail, technology, education and government agencies. NCO is aportfolio company of One Equity Partners (OEP). For the twelvemonths ended September 30, 2011, the company reported revenue ofapproximately $1.5 billion.

NCO recently announced proposed debt offerings for an $870 millionsenior secured credit facility (which includes a $120 millionrevolving credit facility that will be initially undrawn) and $300million in senior unsecured notes. The company plans to use thenet proceeds to repay its existing outstanding debt and replace a$159 million bridge loan related to One Equity Partners LLC's(OEP's; NCO's parent company) acquisition of APAC CustomerServices Inc. (APAC). NCO intends to roll the remaining equityfrom OEP's purchase of APAC (roughly $300 million) into thecombined entity. The new proposed debt will have a much morefavorable payback timeline, with maturities extending to beyond2017 (originally due in 2013 and 2014). "The rating actionreflects our view that there is a strong probability that NCO'sproposed debt offerings will close and the company will materiallyimprove its debt metrics and capital position," said Standard &Poor's credit analyst Kevin Cole.

On July 6, 2011, APAC entered an agreement to be acquired by oneof OEP's affiliates. The acquisition closed on Oct. 14, and OEPfunded the purchase price through a $300 million equitycontribution and a $159 million bridge loan to the acquiringaffiliate. If the debt offerings are successful, NCO will changeits name to Expert Global Solutions Inc. (EGS) and conduct aseries of transactions that will result in APAC merging into oneof its direct, wholly owned subsidiaries.

"After the merger, EGS will have more debt than that of thecombined stand-alone companies. However, EGS' private equityowner, OEP, will contribute $300 million of equity, therebyimproving EGS' leverage ratios and aggregate capitalization.Assuming $15 million of cost synergies, we estimate a pro formadebt-to-EBITDA ratio for EGS of 5.0x as of Sept. 30, 2011, downfrom 5.8x for NCO under its old debt structure," S&P related.

"The CreditWatch positive placement reflects our view of thestrong probability that NCO's proposed debt offerings will close.In that case, we would likely raise the rating on NCO before weultimately withdraw it and replace it with the final rating on theguarantor of the new combined entity, EGS. If the proposed debtofferings do not close, which is a less likely scenario, welikely would revise the outlook on NCO to negative," said Mr.Cole.

NEUSTAR INC: Moody's Assigns 'Ba2' Corporate Family Rating----------------------------------------------------------Moody's Investors Service has assigned a first-time SpeculativeGrade Liquidity (SGL) Rating of SGL-1 to Neustar, Inc.("Neustar").On November 1st, 2011, Moody's assigned a Ba2 Corporate FamilyRating (CFR) and a Ba3 Probability of Default Rating to Neustarassociated with its $650 million acquisition of TARGUSinfo. Theoutlook remains stable.

RATINGS RATIONALE

Neustar's SGL-1 speculative grade liquidity rating reflects thecompany's very good liquidity profile. Pro forma for the loanoffering, acquisition and share buy-back, Moody's projects thecompany will have approximately $60 million in cash or equivalentsand an undrawn $100 million revolving credit facility. Moody'sprojects that Neustar's cash from operations should be more thansufficient to meet its modest capex obligations, and fundcontinued share buy-backs.

Moody's has taken this rating action:

Issuer: Neustar, Inc.

-- Speculative Grade Liquidity Rating -- Assigned SGL-1

The principal methodology used in rating Neustar was the GlobalBusiness & Consumer Service Industry Rating Methodology publishedin October 2010. Other methodologies used include Loss GivenDefault for Speculative-Grade Non-Financial Companies in the U.S.,Canada and EMEA published in June 2009.

Based in Sterling, VA, Neustar, Inc is the leading provider ofinformation and data services catering to carriers andenterprises. On November 8, 2011 Neustar acquired TARGUSinfo, aleading provider of real time location and directory services for$650 million. For last twelve month ending in September 30, 2011,Neustar generated approximately $583 million in revenue.

NEWPAGE CORP: Seeks to Hire Deloitte FAS for Accounting Services----------------------------------------------------------------NewPage Corporation and its affiliates seek permission from theU.S. Bankruptcy Court for the District of Delaware to employDeloitte Financial Advisory Services LLP as its bankruptcy andemergence accounting services provider, nunc pro tunc to Oct. 14,2011. The Debtors selected Deloitte FAS because of the firm'sexperience and expertise in fresh-start accounting principles andasset appraisal and valuation techniques.

Deloitte FAS will, among other things:

(a) provide assistance related to Court-required filings;

(b) provide financial reporting assistance;

(c) plan for determination of the Fresh-Start Balance Sheet under ASC 852;

The Debtors agree to reimburse Deloitte FAS for reasonableexpenses, including travel, report production, delivery services,and other expenses incurred in the course of fulfilling its dutiesas bankruptcy and emergence accounting services provider.

The Debtors attest that Deloitte FAS is a "disinterested person"as that term is defined in Section 101(14) of the Bankruptcy Code,as modified by Section 1107(b).

About NewPage Corporation

Headquartered in Miamisburg, Ohio, NewPage Corporation is theleading producer of printing and specialty papers in NorthAmerica, based on production capacity, with $3.6 billion in netsales for the year ended December 31, 2010. The company's productportfolio is the broadest in North America and includes coatedfreesheet, coated groundwood, supercalendered, newsprint andspecialty papers. These papers are used for corporate collateral,commercial printing, magazines, catalogs, books, coupons, inserts,newspapers, packaging applications and direct mail advertising.

NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan,Minnesota, Wisconsin and Nova Scotia, Canada. These mills have atotal annual production capacity of approximately 4.1 million tonsof paper, including approximately 2.9 million tons of coatedpaper, approximately 1.0 million tons of uncoated paper andapproximately 200,000 tons of specialty paper.

At an organizational meeting of creditors held on Sept. 21, 2011,the Committee selected Paul Hastings LLP as its bankruptcycounsel. On Sept. 21, 2011, the Committee also selected YoungConaway Stargatt & Taylor, LLP to act as its Delaware andconflicts counsel.

NewPage Corp. prevailed over most objections from the officialcreditors' committee and won agreement from the bankruptcy judgeon final approval of $600 million in secured financing.

Moody's Investors Service assigned a Ba2 rating to the$350 million first-out revolving debtor-in-possession creditfacility and a B2 rating to the $250 million second-out debtor-in-possession term loan for NewPage.

NEWPAGE CORP: Seeks to Hire Deloitte as Tax Services Provider-------------------------------------------------------------NewPage Corporation and its affiliates seek permission from theU.S. Bankruptcy Court for the District of Delaware to employDeloitte Tax LLP as their tax and accounting services provider,nunc pro tunc to Oct. 4, 2011. The Debtors selected Deloitte Taxbecause of the firm's experience and extensive knowledge in thefields of federal, state, local, and foreign tax issues for largesophisticated companies both inside and outside Chapter 11.

Upon retention, Deloitte Tax will, among other things:

(a) provide advisory services on federal, foreign, state and local tax matters on an as-requested basis;

(b) advise the Debtors in their work with their counsel and financial advisors on the cash tax effects of restructuring and bankruptcy and the post-restructuring tax profile, including plan of reorganization tax costs;

(c) advise the Debtors regarding the restructuring and bankruptcy emergence process from a tax perspective, including the tax work plan;

(d) advise the Debtors on the cancellation of debt income for tax purposes under Internal Revenue Code Section 108; and

(e) advise the Debtors as to the proper treatment of postpetition interest for state and federal income tax purposes.

The Debtors agree to reimburse Deloitte Tax for reasonableexpenses, including travel, report production, delivery services,and other expenses incurred in the course of fulfilling its dutiesas tax and accounting services provider.

The Debtors attest the Deloitte Tax is a "disinterested person" asthat term is defined in Section 101(14) of the Bankruptcy Code, asmodified by Section 1107(b).

About NewPage Corporation

Headquartered in Miamisburg, Ohio, NewPage Corporation is theleading producer of printing and specialty papers in NorthAmerica, based on production capacity, with $3.6 billion in netsales for the year ended Dec. 31, 2010. The company's productportfolio is the broadest in North America and includes coatedfreesheet, coated groundwood, supercalendered, newsprint andspecialty papers. These papers are used for corporate collateral,commercial printing, magazines, catalogs, books, coupons, inserts,newspapers, packaging applications and direct mail advertising.

NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan,Minnesota, Wisconsin and Nova Scotia, Canada. These mills have atotal annual production capacity of approximately 4.1 million tonsof paper, including approximately 2.9 million tons of coatedpaper, approximately 1.0 million tons of uncoated paper andapproximately 200,000 tons of specialty paper.

At an organizational meeting of creditors held on Sept. 21, 2011,the Committee selected Paul Hastings LLP as its bankruptcycounsel. On Sept. 21, 2011, the Committee also selected YoungConaway Stargatt & Taylor, LLP to act as its Delaware andconflicts counsel.

NewPage Corp. prevailed over most objections from the officialcreditors' committee and won agreement from the bankruptcy judgeon final approval of $600 million in secured financing.

Moody's Investors Service assigned a Ba2 rating to the$350 million first-out revolving debtor-in-possession creditfacility and a B2 rating to the $250 million second-out debtor-in-possession term loan for NewPage.

NEWPAGE CORP: Court OKs Paul Hastings as Committee's Counsel------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware authorizedthe official committee of unsecured creditors in the Chapter 11cases of NewPage Corporation, et al., to retain Paul Hastings LLPas its counsel effective as of Sept. 21, 2011.

As counsel, Paul Hastings will perform these services:

a. consult with the Committee, the Debtors, and the Trustee concerning the administration of these chapter 11 cases;

b. review, analyze, and respond to pleadings filed with the Court by the Debtors and other parties in interest and to participate at hearings on such pleadings;

c. investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' businesses, and any matters relevant to these chapter 11 cases, to the extent required by the Committee;

d. take all necessary action to protect the rights and interests of the Committee, including, but not limited to, negotiations and preparation of documents relating to any plan of reorganization and disclosure statement;

e. to represent the Committee in connection with the exercise of its powers and duties under the Bankruptcy Code and in connection with these chapter 11 cases; and

f. perform all other necessary legal services in connection with these Chapter 11 cases.

Compensation will be payable to Paul Hastings on an hourly basis,plus reimbursement of actual, necessary expenses. The attorneysand paralegal presently designated to represent the Committee andtheir current standard hourly rates are:

Luc A. Despins, Esq., a member of Paul Hastings, assures the Courtthat his firm is a "disinterested person" as the term is definedin Section 101(14) of the Bankruptcy Code.

About NewPage Corporation

Headquartered in Miamisburg, Ohio, NewPage Corporation is theleading producer of printing and specialty papers in NorthAmerica, based on production capacity, with $3.6 billion in netsales for the year ended December 31, 2010. The company's productportfolio is the broadest in North America and includes coatedfreesheet, coated groundwood, supercalendered, newsprint andspecialty papers. These papers are used for corporate collateral,commercial printing, magazines, catalogs, books, coupons, inserts,newspapers, packaging applications and direct mail advertising.

NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan,Minnesota, Wisconsin and Nova Scotia, Canada. These mills have atotal annual production capacity of approximately 4.1 million tonsof paper, including approximately 2.9 million tons of coatedpaper, approximately 1.0 million tons of uncoated paper andapproximately 200,000 tons of specialty paper.

At an organizational meeting of creditors held on Sept. 21, 2011,the Committee selected Paul Hastings LLP as its bankruptcycounsel. On Sept. 21, 2011, the Committee also selected YoungConaway Stargatt & Taylor, LLP to act as its Delaware andconflicts counsel.

NewPage Corp. prevailed over most objections from the officialcreditors' committee and won agreement from the bankruptcy judgeon final approval of $600 million in secured financing.

Moody's Investors Service assigned a Ba2 rating to the$350 million first-out revolving debtor-in-possession creditfacility and a B2 rating to the $250 million second-out debtor-in-possession term loan for NewPage.

a. audit the consolidated financial statements of New Page Group Inc. at December 31,2011, and for the year then ending. Upon completion of the audit, PwC will provide an audit report on financial statements;

b. audit the consolidated financial statements of NewPage Holding Corporation and New Page at December 31, 2011, and for the year then ending. Upon completion of the audit, PwC will provide an audit report on such financial statements; and

c. in connection with the annual financial statement audit of NewPage Holding Corporation and New Page, PwC will perform reviews of the unaudited consolidated financial information for each of the first three quarters in the year ending December 31, 2011, before a Form 10-Q is filed with the Securities and Exchange Commission.

The engagement letter provide for a fixed-fee arrangement. Thefixed-fee arrangement is based on an estimate of the time requiredby the individuals assigned to the Debtors' engagement to performthe audit and accounting services. If additional audit proceduresare necessary to complete the services and related reports, PwCwill provide the Debtors with an estimate of fees based upon thehourly rates of the individuals assigned to the Debtors'engagement, subject to downward adjustment upon review by theDebtors. The hourly rates, subject to periodic adjustments, thatwill be charged by PwC professionals for incremental servicesrendered pursuant to the Engagement Letters are:

Headquartered in Miamisburg, Ohio, NewPage Corporation is theleading producer of printing and specialty papers in NorthAmerica, based on production capacity, with $3.6 billion in netsales for the year ended December 31, 2010. The company's productportfolio is the broadest in North America and includes coatedfreesheet, coated groundwood, supercalendered, newsprint andspecialty papers. These papers are used for corporate collateral,commercial printing, magazines, catalogs, books, coupons, inserts,newspapers, packaging applications and direct mail advertising.

NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan,Minnesota, Wisconsin and Nova Scotia, Canada. These mills have atotal annual production capacity of approximately 4.1 million tonsof paper, including approximately 2.9 million tons of coatedpaper, approximately 1.0 million tons of uncoated paper andapproximately 200,000 tons of specialty paper.

At an organizational meeting of creditors held on Sept. 21, 2011,the Committee selected Paul Hastings LLP as its bankruptcycounsel. On Sept. 21, 2011, the Committee also selected YoungConaway Stargatt & Taylor, LLP to act as its Delaware andconflicts counsel.

NewPage Corp. prevailed over most objections from the officialcreditors' committee and won agreement from the bankruptcy judgeon final approval of $600 million in secured financing.

Moody's Investors Service assigned a Ba2 rating to the$350 million first-out revolving debtor-in-possession creditfacility and a B2 rating to the $250 million second-out debtor-in-possession term loan for NewPage.

NEWPAGE CORP: Court OKs Young Conaway as Committee's Co-Counsel---------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware authorizedthe Official Committee of Unsecured Creditors in the Chapter 11case of NewPage Corporation, et al., to retain Young ConawayStargatt & Taylor, LLP, as its co-counsel effective as ofSept. 21, 2011.

As co-counsel, Young Conaway will:

a. consult with the Committee, the Debtors, and the Trustee concerning the administration of these chapter 11 cases;

b. review, analyze and respond to pleadings filed with the Court by the Debtors and to participate at hearings on those pleadings;

c. investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' businesses, and any matters relevant to these Chapter 11 cases in the event, and to the extent, required by the Committee;

d. take all necessary action to protect the rights and interests of the Committee, including, but not limited to, negotiations and preparation of documents relating to any plan of reorganization and disclosure statement; and

e. represent the Committee in connection with the exercise of its powers and duties under the Bankruptcy Code and in connection with the Chapter 11 cases.

The attorneys and paralegal presently designated to represent theCommittee and their current standard hourly rates are:

Headquartered in Miamisburg, Ohio, NewPage Corporation is theleading producer of printing and specialty papers in NorthAmerica, based on production capacity, with $3.6 billion in netsales for the year ended December 31, 2010. The company's productportfolio is the broadest in North America and includes coatedfreesheet, coated groundwood, supercalendered, newsprint andspecialty papers. These papers are used for corporate collateral,commercial printing, magazines, catalogs, books, coupons, inserts,newspapers, packaging applications and direct mail advertising.

NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan,Minnesota, Wisconsin and Nova Scotia, Canada. These mills have atotal annual production capacity of approximately 4.1 million tonsof paper, including approximately 2.9 million tons of coatedpaper, approximately 1.0 million tons of uncoated paper andapproximately 200,000 tons of specialty paper.

At an organizational meeting of creditors held on Sept. 21, 2011,the Committee selected Paul Hastings LLP as its bankruptcycounsel. On Sept. 21, 2011, the Committee also selected YoungConaway Stargatt & Taylor, LLP to act as its Delaware andconflicts counsel.

NewPage Corp. prevailed over most objections from the officialcreditors' committee and won agreement from the bankruptcy judgeon final approval of $600 million in secured financing.

Moody's Investors Service assigned a Ba2 rating to the$350 million first-out revolving debtor-in-possession creditfacility and a B2 rating to the $250 million second-out debtor-in-possession term loan for NewPage.

NEWPARK RESOURCES: S&P Raises Rating on $172.5MM Notes to 'B-'--------------------------------------------------------------Standard & Poor's Ratings Services revised the recovery rating onNewpark Resources Inc.'s $172.5 million 4% senior unsecuredconvertible notes due 2017 to '5' from '6'. "At the same time, weraised our issue rating on the notes to 'B-' from 'CCC+'. The '5'recovery rating indicates our expectation of modest (10% to 30%)recovery in the event of a payment default," S&P related.

NUTRITION 21: Court Approves EisnerAmper as Accountants-------------------------------------------------------The U.S. Bankruptcy Court for the Southern District of New Yorkauthorized Nutrition 21, Inc., et al., to employ EisnerAmper astheir accountants nunc pro tunc to the Petition Date. EisnerAmperwill provide accounting services as necessary and requested by theDebtors, including, without limitation, preparing the Debtors'federal, state and local income tax returns, including obtainingextensions of time to file, if required, for the year endedJune 30, 2011.

EisnerAmper will be paid:

a. Fee for tax returns is $15,000 and for the tax provision, the fee is $7,500. $9,561 of which was paid pre-bankruptcy, so the Debtors will only be responsible for the balance which is $12,939.

b. EisnerAmper's standard hourly rates range from $115 to $450 according to the degree of responsibility involved and the experience level of the personnel assigned to the engagement.

About Nutrition 21

Purchase, N.Y.-based Nutrition 21, Inc. --http://www.nutrition21.com/-- is a nutritional bioscience company that primarily develops and markets raw materials, formulations,compounds, blends and bulk and other materials to third-party non-end users to be further fabricated, blended or packaged forultimate sales to end-users as nutritional supplements orotherwise. The Company holds more than 30 patents for nutritionproducts and their uses.

The Company entered into a Plan Support Agreement, dated as ofAug. 26, 2011, with holders of approximately 90% of the Company'soutstanding Series J Preferred Stock. The holders of Series JPreferred Stock that are parties to the Plan Support Agreementhave agreed, subject to certain conditions, to vote in favor of aplan of reorganization to be proposed by the Company in respect ofthe Bankruptcy Case, so long as that plan is consistent with theterm sheet attached to the Plan Support Agreement setting forthmaterial terms of a potential plan of reorganization. The PlanTerm Sheet generally contemplates that the Debtors' assets will besold or liquidated and distributed to holders of claims and equityinterests in accordance with the statutory distribution andpriority scheme established by the Bankruptcy Code. The Plan TermSheet further contemplates that holders of the Company's commonstock will receive interests in a liquidating trust entitling suchholders to distributions only after holders of the Series JPreferred Stock have been paid in full. The Company believes thatcash distributions on account of the Company's common stock areunlikely.

On Sept. 22, 2011, the Bankruptcy Court issued an orderestablishing bidding procedures for an auction to sell all orsubstantially all of the Debtors' assets and scheduling a hearingfor the Bankruptcy Court to consider approval of the Debtors' saleof such assets to a successful bidder at the Auction.

On Oct. 7, 2011, the Company, Nutrition 21, LLC, and N21Acquisition Holding, LLC (the "Purchaser") entered into an AssetPurchase and Sale Agreement, dated as of such date. The Purchaserentered into the Original Asset Sale Agreement as a 'stalkinghorse" bidder and, accordingly, the consummation of thetransactions contemplated by the Original Asset Sale Agreement wassubject to the Company's solicitation and potential receipt ofhigher or otherwise better competing bids at the Auction pursuantto the Bidding Procedures.

Purchase, N.Y.-based Nutrition 21, Inc. --http://www.nutrition21.com/-- is a nutritional bioscience company that primarily develops and markets raw materials, formulations,compounds, blends and bulk and other materials to third-party non-end users to be further fabricated, blended or packaged forultimate sales to end-users as nutritional supplements orotherwise. The Company holds more than 30 patents for nutritionproducts and their uses.

The Company entered into a Plan Support Agreement, dated as ofAug. 26, 2011, with holders of approximately 90% of the Company'soutstanding Series J Preferred Stock. The holders of Series JPreferred Stock that are parties to the Plan Support Agreementhave agreed, subject to certain conditions, to vote in favor of aplan of reorganization to be proposed by the Company in respect ofthe Bankruptcy Case, so long as that plan is consistent with theterm sheet attached to the Plan Support Agreement setting forthmaterial terms of a potential plan of reorganization. The PlanTerm Sheet generally contemplates that the Debtors' assets will besold or liquidated and distributed to holders of claims and equityinterests in accordance with the statutory distribution andpriority scheme established by the Bankruptcy Code. The Plan TermSheet further contemplates that holders of the Company's commonstock will receive interests in a liquidating trust entitling suchholders to distributions only after holders of the Series JPreferred Stock have been paid in full. The Company believes thatcash distributions on account of the Company's common stock areunlikely.

On Sept. 22, 2011, the Bankruptcy Court issued an orderestablishing bidding procedures for an auction to sell all orsubstantially all of the Debtors' assets and scheduling a hearingfor the Bankruptcy Court to consider approval of the Debtors' saleof such assets to a successful bidder at the Auction.

On Oct. 7, 2011, the Company, Nutrition 21, LLC, and N21Acquisition Holding, LLC (the "Purchaser") entered into an AssetPurchase and Sale Agreement, dated as of such date. The Purchaserentered into the Original Asset Sale Agreement as a 'stalkinghorse" bidder and, accordingly, the consummation of thetransactions contemplated by the Original Asset Sale Agreement wassubject to the Company's solicitation and potential receipt ofhigher or otherwise better competing bids at the Auction pursuantto the Bidding Procedures.

OILSANDS QUEST: Enters Into Creditor Protection Under CCAA----------------------------------------------------------Oilsands Quest Inc. has requested and obtained an Order from theAlberta Court of Queen's Bench providing creditor protection underthe Companies' Creditors Arrangement Act (Canada) ("CCAA"). Whileunder CCAA protection, the Company will continue with its day today operations.

On Nov. 28, 2011, the third party that had signed a Letter ofIntent to purchase the Company's Wallace Creek asset notifiedOilsands Quest that they could not meet the terms of that Letterof Intent. Negotiations on the proposed Wallace Creek sale haveended, and the Board of Directors of Oilsands Quest has thereforedecided to seek CCAA protection after considering all availablealternatives. The Company has been hindered in recent months bymarket and financial challenges, details of which will soon beavailable on the website www.ey.com/ca/oilsandsquest. CCAAprotection stays creditors and others from enforcing rightsagainst the Company and affords Oilsands Quest the opportunity torestructure its financial affairs. The Court has granted CCAAprotection until Dec. 21, 2011, to be further extended as requiredand approved by the Court.

"We made the difficult decision to seek creditor protectionbecause we believe this step to be in the best interest of all ourstakeholders," said Garth Wong, Oilsands Quest Chief ExecutiveOfficer. "We have been actively seeking options to manage ourliquidity and to raise the capital we need to proceed withdeveloping our assets. To protect those assets and find asolution that will enable them to be developed, we are seekingoptions to restructure our affairs up to and including the sale ofthe company."

While under CCAA protection, the Board of Directors maintains itsusual role and management of the Company remains responsible forthe day to day operations, under the supervision of a Court-appointed monitor, Ernst & Young Inc., who will be responsible forreviewing Oilsands Quest's ongoing operations, assisting with thedevelopment and filing of a Plan of Arrangement that isestablished by management, liaising with creditors and otherstakeholders and reporting to the Court. The Board of Directorsand management will be primarily responsible for determiningwhether a Plan for restructuring the Company's affairs isfeasible. Affected stakeholders will have an opportunity to voteon the Plan. Before the Plan is implemented it must be approvedby the requisite number and value of affected stakeholderscontemplated by law and approved by the Court.

CCAA protection enables the Company to continue with its day today operations until the CCAA status changes. The implications ofthis process for Oilsands Quest shareholders will not be knownuntil the end of the restructuring process. If the affectedstakeholders do not approve a Plan in the manner contemplated bylaw, Oilsands Quest will likely be placed into receivership orbankruptcy. If by Dec. 21, 2011, Oilsands Quest has not filed aPlan or obtained an extension of the CCAA protection, creditorsand others will no longer be stayed from enforcing their rights.Oilsands Quest will issue a further press release on or beforeDec. 21, 2011 to provide an update.

The NYSE Amex has halted trading in the common shares of theCompany (symbol:BQI). The NYSE may proceed to delist the companyfor failure to meet the continued listing requirements of the NYSEas a result of the Company proceeding under the CCAA. BQI'scommon shares will remain suspended from trading until a delistingoccurs, or until the NYSE permits the resumption of trading.

"We remain confident that our in situ oil sands assets will someday be developed into commercial facilities," Mr. Wong concluded."Oil sands development is a long-term, capital-intensive business.The timing for our planned pilot project unfortunately coincidedwith a downturn in the capital markets that has impacted ourability to access capital or to identify strategic alternatives toenable us to proceed. We hope that through this process, we willbe able to arrive at a satisfactory solution for all ourstakeholders, including our shareholders."

OLD CORKSCREW: Seeks One-Week Plan Exclusivity Extension--------------------------------------------------------Old Corkscrew Plantation, LLC, et al., ask the U.S. BankruptcyCourt for the Middle District of Florida to extend their exclusiveperiods to file and solicit acceptances for the proposed Chapter11 Plan until Dec. 5, 2011, and Feb. 1, 2012, respectively.

The Debtors filed their request for an extension before theexclusive periods was set to expire on Nov. 28.

According to the Debtors, in light of the Thanksgiving holiday,the BMO Harris Bank has requested that the Debtors seek a one weekextension of the exclusivity period for filing Debtors' plan anddisclosure statement. The Committee supported the requestedextension.

The Debtors related that they need sufficient time to determineclaims and finalize a comprehensive plan and disclosure statementacceptable to as many creditors and parties in interest aspossible, thereby facilitating a favorable conclusion to theChapter 11 case.

No trustee or examiner has been appointed in this Chapter 11 case.An official committee of unsecured creditors was appointed and isrepresented by counsel.

OUTSOURCE HOLDINGS: Disclosures on Liquidating Plan Approved------------------------------------------------------------The U.S. Bankruptcy Court for the District of Texas has approvedthe Second Amended Disclosure Statement explaining the firstAmended Plan of Liquidation of Outsource Holdings, Inc.

The amount of funds that will be available for distribution tocreditors under the Plan will depend on various unknown factors,such as the total amount of administrative claims, the amountultimately collected pursuant to the Acquisition Agreement and theamount of expenses that will be incurred to administer the Plan.Prior to the closing of the transaction described in theAcquisition Agreement, the Debtor held approximately $28,000 inits bank account. The Debtor received $2,021,000 from the closingof the merger transaction described in the Acquisition Agreement,bringing the total currently available funds to approximately$2,049,000. Based on the Debtor's most recent information, theDebtor estimates that it will receive an additional $4,688,000during the next four years pursuant to the Acquisition Agreement.

The Plan provides for the payment of Allowed AdministrativeClaims, currently projected to be $720,000. The Plan alsoprovides that $25,000 initially will be set aside as aDistribution Reserve to pay expenses associated with administeringthe Plan. The Debtor projects that approximately $5,992,000 willbe available for distribution to Classes under the Plan.

The projected distributions to the various creditor classes underthe Plan are:

The Plan includes a proposed compromise that is the result ofextensive negotiations among the Debtor, the TRUPs Holders andKBW. The Plan essentially provides for KBW and the TRUPs Holdersto receive a reduced distribution of available funds, providedthat they are paid, at least in part, from the first availablefunds. The proposed compromise is designed to provide a fairdistribution to the Debtor's creditors without the need to wastethe estate's limited funds through litigation.

Under the Plan, Allowed Administrative Claims will be paid in fulland a Distribution Reserve in the initial amount of $25,000 willbe established to pay expenses of administering the Plan.

The Class 1 Claimant (KBW) will receive Cash from the InitialProceeds equal to $100,000 in full satisfaction for its AllowedClaim on the later of the Effective Date or the Allowance Date.

Each holder of an Allowed Class 2 Claim (Allowed Claims of the2010 Noteholders) will receive Cash from the Initial Proceedsequal to the principal portion of the Claimant's Allowed Class 2Claim in full satisfaction for the Allowed Claim. The aggregatepayment to be made to Class 2 Claimants pursuant to the Plan isestimated to be $200,000.

Class 3 Claims (Allowed Claims of the TRUPs Holders) will bedeemed senior to the Allowed Claims of the 2009 Noteholders to theextent of the Agreed TRUPs Distribution ($1,500,000). On thelater of the Effective Date or the Allowance Date, each Class 3Claimant will receive Cash equal to the Claimant's Pro Rata Shareof the Net Initial Proceeds (currently estimated to be$1,004,000), if any, provided that the distribution will notexceed in the aggregate the amount of the Agreed TRUPsdistribution. In addition, if and when the principal portion ofAllowed 2009 Noteholder Claims is paid in full, Class 3 Claimantswill be paid in Cash their Pro Rata Share of an amount equal tothe balance of all remaining funds in the Reorganized Debtor'sestate.

Under the Plan, Class 4 Claims (Allowed Claims of the 2009Noteholders) will be deemed subordinated to the Allowed Claims ofthe TRUPs Holders to the extent of the Agreed TRUPs Distribution.To the extent, if any, that the Net Initial Proceeds exceed theAgreed TRUPs Distribution, on the later of the Effective Date orthe Allowance Date, each Class 4 Claimant will receive a Pro RataShare of the remaining Cash, provided that the distribution willnot exceed in the aggregate the principal portion of all AllowedClaims of the 2009 Noteholders. Class 4 Claimants will beentitled to a Pro Rata Share of all payments from InterimDistributions and the Final Distribution, provided thatdistributions will not exceed in the aggregate the principalportion of all Allowed Claims of the 2009 Noteholders.

On the Effective Date, the Allowed Equity Interests will becanceled and extinguished, and the holders thereof will not beentitled to receive any Distributions on account of the EquityInterests.

Lubbock, Texas-based Outsource Holdings, Inc.'s only significantasset was its ownership of all of the outstanding capital stock ofJefferson Bank, which is a state bank with five branch locationsin the Dallas/Fort Worth metroplex.

PALISADES 6300: Can Hire B&RE as Property Manager & Leasing Agent-----------------------------------------------------------------Palisades 6300 West Lake Mead, LLC, asks the U.S. Bankruptcy Courtfor the District of Nevada for authorization to employ B&REProperty Management as property manager and leasing agent for realproperty belonging to the estate, nunc pro tunc to the PetitionDate.

The assets of the estate include real property located at 6300West Lake Mead Blvd., in Las Vegas, Nevada. The Property is anapartment complex, known as Portofino Villas, consisting ofapproximately 280 residential apartments.

B&R will, among others:

a) manage and maintain the Property in compliance with local,county, state and federal laws;

b) manage all leases, subleases, licenses, concessions, tenancyand other agreements affecting the use or occupancy of theProperty;

c) perform all necessary services, including without limitationemploying, supervising, discharging and paying employees;

d) oversee contractors who are making repairs;

e) maintain and operate all common areas and facilities;

f) use commercially reasonable efforts to obtain tenants andperform all other services and acts necessary for the propermanagement of the Property; and

g) provide any other services requested by the Debtor.

The Debtor believes that B&R is suitably disinterested in the caseand that B&R's proposal for management of the property is in thebest interest of the estate.

B&R will be compensated at 3% of the total monthly gross receiptsfrom the Property.

According to the report, Sunbelt Rentals was selected as thehighest and best bidder after a comprehensive sale process. Thetransaction was approved by the bankruptcy court Nov. 15, 2011,and closed Nov. 18.

PARC AT ROGERS: Wants Chapter 11 Case Dismissed-----------------------------------------------Parc at Rogers Limited Partnership asks the U.S. Bankruptcy Courtfor the Northern District of Texas to dismiss its Chapter 11 casewithout prejudice for re-filing. The Debtor has been innegotiations with its largest secured creditor, MetropolitanNational Bank, regarding the treatment of its claim in thebankruptcy. As a result of those negotiations, the Debtor and theBank have reached an agreement and have decided it is no longerdesirable for either party for the Chapter 11 bankruptcy case tocontinue. The Bank has agreed that the dismissal may be withoutprejudice to re-filing.

About Parc at Rogers

Parc at Rogers Limited Partnership in Dallas, Texas, owns andoperates the Parc at Rogers Apartment Homes, an apartment complexin Rogers, Arkansas. It filed for Chapter 11 bankruptcy (Bankr.N.D. Tex. Case No. 11-37025) on Oct. 31, 2011. Judge Barbara J.Houser presides over the case. John Paul Stanford, Esq. --jstanford@qsclpc.com -- at Quilling, Selander, Cummiskey andLownds, serves as the Debtor's counsel. In its petition, theDebtor estimated assets and debts of $10 million to $50 million.The petition was signed by Steven A. Shelley, vice president of T.Whitman, LLC, the Debtor's general partner.

PHILADELPHIA ORCHESTRA: Judge Okays Bid to Turn Over Pension Plans------------------------------------------------------------------Philly.com reports that Judge Eric L. Frank, who overseesPhiladelphia Orchestra's bankruptcy case, approved on Nov. 28,2011, the orchestra's request to turn over two of its pensionplans to an agency of the federal government.

The report says assets and liabilities of the orchestra's internalpension plans for musicians and staff will be assumed by thePension Benefit Guaranty Corp. Association attorney Lawrence G.McMichael hailed the decision as a major step in the orchestra'sexit from bankruptcy, but allowed that it will mean less money forretired players.

The report says the plan topped out with a benefit of $80,000 peryear. "They will end up getting somewhat less," the report quotesMr. Michael. "There's a lot of sacrifice and we appreciate it."

The report adds that the timing of the orchestra's exit frombankruptcy now hinges on talks with its landlord, the KimmelCenter, on restructuring the lease agreement.

The report says the orchestra's exit from chapter 11 waspreviously expected by the end of the year, but now the goal is tohave it completed before the first anniversary of the filing, onApril 16.

About The Philadelphia Orchestra

The Philadelphia Orchestra -- http://www.philorch.org/-- claims to be among the world's leading orchestras. Bloomberg News saysthe orchestra became the first major U.S. symphony to file forbankruptcy protection, surprising the music world.

Previous conductors include Fritz Scheel (1900-07), Carl Pohlig(1907-12), Leopold Stokowski (1912-41), Eugene Ormandy (1936-80),Riccardo Muti (1980-92), Wolfgang Sawallisch (1993-2003), andChristoph Eschenbach (2003-08). Charles Dutoit is currently chiefconductor, and Yannick Nezet-Seguin has assumed the title of musicdirector designate until he takes up the baton as The PhiladelphiaOrchestra's next music director in 2012.

Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointedseven members to the official committee of unsecured creditors inthe Debtors' case. Reed Smith LLP serves as the Committee'scounsel.

PERKINS & MARIE: Emerges from Chapter 11 Bankruptcy---------------------------------------------------Perkins & Marie Callender's Inc. has successfully completed itsfinancial restructuring and emerged from Chapter 11 bankruptcy.The United States Bankruptcy Court for the District of Delawareapproved the Company's plan of reorganization on Oct. 31, 2011.

As previously announced, private investment funds managed byWayzata Investment Partners LLC are the majority stockholders ofPerkins & Marie Callender's Holding LLC, which is now the parentcompany of the Perkins & Marie Callender's group of companies.Joseph F. Trungale, who served as chief executive officer of theCompany and as a member of the board of directors from 2005-2011,will continue to serve as chief executive officer of the Companyand chairman of the new board of managers.

"Our financial restructuring has significantly improved theCompany's balance sheet, eliminating over $200 million in debt,and optimized its operational structure. Perkins will emerge fromthis process a leaner and stronger Company," said Mr. Trungale,the chief executive officer of the Company. "We are now betterpositioned than ever before to continue as a leading force in thefamily-dining and casual-dining restaurant industry and tocontinue to provide our customers with a first rate diningexperience."

In addition to Mr. Trungale, the board will include Patrick J.Halloran, Wayzata's managing partner; Joseph M. Deignan, a Wayzatapartner; James K. Beltz, a member of the Wayzata investment team;Michael T.P. Sweeney, a shareholder and partner at Goldner HawnJohnson & Morrison, Inc.; and Karlin A. Linhardt, an industrymarketing and business executive.

"I look forward to working closely with the Company's new board ofmanagers to develop a strategic plan that will allow the Companyto continue offering customers a high-quality family and casualdining experience and to complete the operational turnaround thatbegan earlier this year," said Mr. Trungale. "I would also thankour previous board and all of our vendors, suppliers, customersand employees for enabling us to complete our restructuringprocess on a timely basis and emerge as a stronger Company."

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed sevenunsecured creditors to serve on the Official Committee ofUnsecured Creditors in the Debtors' cases. Ropes & Gray LLPrepresents the Committee.

PHILADELPHIA ORCHESTRA: Federal Gov't Can Take Over Pension Plans-----------------------------------------------------------------Mary Williams Walsh at The New York Times reports that the twopension plans, one for musicians and the other for staff members,cover about 200 people. NYTimes relates some musicians are likelyto have their pensions reduced after the takeover. Although thegovernment's Pension Benefit Guaranty Corporation insures defined-benefit pensions, its insurance is limited. In the past symphonyorchestras competed for and retained top talent by promisinggenerous pensions, so musicians with many years in thePhiladelphia Orchestra probably have earned benefits above theinsurance limit.

NYTimes relates the orchestra had asked for the government's helpwith its pensions, saying that it could not raise money if donorsthought their dollars might end up in a troubled pension fund.

Any objections to the confirmation of the Plan and ballotsaccepting or rejecting the Plan are due Dec. 27.

The Court approved the Third Modified Disclosure Statement filedby the Debtor on Oct. 18, 2011, as amended by agreed order enteredNov. 18, 2011.

As reported in the Troubled Company Reporter on Nov. 3, 2011,based upon the Debtor's best estimates of the future economy ofthe property building, rental and sales industry, it isanticipated that the Debtor will produce estimated monthlyrevenues of approximately $110,000. According to the Debtor, thePlan, if accepted, would result in full payment of all allowedadministrative, priority, and secured claims along with 100%payments to the allowed claims of the unsecured Class of creditorsof their principal balance as it existed on the date of filing.

Classes III, IV, V, VI, VII, VIII, and IX will be modified andpaid over time. The Debtor reserves the right to refinance any orall of the secured debt within the first 24 months of the Plan.The Plan lists Class VI, VIII and X as unimpaired.

Unsecured, undisputed non-priority claims in Class XII, owed$50,635, will receive $867 per month for a period of 60 months.This Class is impaired in that it will receive no post-confirmation interest during the course of Debtor's Plan payments.

Insider Claims in Class XIII, if any, would receive no paymentuntil all other payments are paid in full according to the termsof the Plan. The ratio of equity ownership in the Debtor willremain with the present owners. This class is impaired.

Piney Flats, Tennessee-based Phillips Rental Properties, LLC, isprimarily engaged in the business of real estate development forresale and rental or leasing of properties. The Company filed forChapter 11 bankruptcy protection (Bankr. E.D. Tenn. CaseNo. 10-53129) on Dec. 7, 2010. Fred M. Leonard, Esq. --fredmleonard@earthlink.net -- in Bristol, Tennessee, serves as theDebtor's bankruptcy counsel. According to its schedules, theDebtor disclosed $13,499,682 in total assets and $9,650,892 intotal liabilities. No unsecured creditors committee has beenappointed in the case.

PONCE DE LEON: Can Employ Doris Barroso Vicens as Accountant------------------------------------------------------------The U.S. Bankruptcy Court for the District of Puerto Rico hasgranted Ponce De Leon 1403 Inc. permission to employ Doris BarrosoVicens as accountant, with compensation to be paid in such amountsas may be allowed by the Court.

The Court is satisfied that Doris Barroso Vicens is adisinterested person and that the employment of said accountant isin the best interest of the estate.

About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,constructed, and operates the Metro Plaza Tower condominium andcommercial property project in Santurce, Puerto Rico. The MetroPlaza Tower project consists of two 15-story towers atop a basestructure that serves as a parking garage, common area, andretail space. Each tower houses 87 residential units. The basestructure provides approximately 567 parking spaces and hasapproximately 14,000 square feet of commercial space availablefor lease. The common areas of the project include a swimmingpool, a gym, gardens and a gazebo.

Fifth Street says the Court's opinion does not mention thefollowing evidence and issues:

-- Fifth street presented documentary evidence proving that both Premier management and Garrison believed that the Company will have an equity value -- that is, value distributable to Garrison and management after satisfying more than $80 million in outstanding debt -- of between $100 and $150 million within thirty months. This proves that both the Debtors and Garrison believe the present value of the business is far higher than the $110 million necessary to put Fifth Street in the money -- and render the Plan unconfirmable.

-- The Excel model presented by Mr. Preston (which reflected the negative return on planned capital) was manipulated to produce the irrational results. The input models were changed, reducing projected monthly rates for new and late- model trailers throughout the projection period far below what the Company had previously projected, to a point where no rational investor would have purchase those trailers.

-- The multiple used by Mr. Torgove in his DCF analysis was substantially decreased by Mr. Torgrove's use of a "25th percentile" of his comp set, a choice that he defended based on Premier's small size even though there is an inverse relationship between size and multiples in his data set. Fifth Street also put in evidence numerous admissions from Debtors' management of their view that higher multiples should be used in valuing the Company.

-- Mr. Torgove's valuation implies an ongoing enterprise value that is lower than the Orderly Liquidation Value established by either of the two recent appraisals by respected appraisal firms (neither known for overstating values). This is contrary to the uniform view of all involved that there is significant value associated with the ongoing business of Premier.

Fifth Street thus requests that the Court refrain from enteringany order regarding the confirmation of the Plan until it issuesan opinion addressing the arguments that have been presentedabove.

When they filed for bankruptcy, the Debtors had $110.5 million ofsecured debt outstanding. Of that, roughly $84 million is firstlien debt held by Garrison Investment Group. The remaining$27 million is second lien debt held by Fifth Street Finance Corp.The Debtors also owe roughly $26 million to Stoughton, a trailermanufacturing company, for capital leases on a number of trailers.

The Plan, which the Debtors filed along with their bankruptcypetitions, proposes to restructure and significantly deleveragethe Debtors' capital structure. It would exchange Garrison'sfirst lien debt for 100% of the equity in the reorganized business(subject to dilution from proposed equity and stock options to beprovided to management). It further provides that the Debtorswill have access to at least $20 million of new financing forworking capital purposes. This financing is the crux of theDebtors' reorganization strategy, which is predicated on the highper-unit lease rates for new trailers that the Debtors will usethe new money to purchase. The Plan also contemplates that theDebtors will assume the Stoughton Leases.

The Plan does not, however, provide Fifth Street with a recovery.

The Plan's treatment of Fifth Street's second lien debt is basedon an estimate of the reorganized Debtors' total enterprise valueprepared by Andrew Torgove, a managing director at Lazard MiddleMarket LLC. Mr. Torgove's first report, dated Aug. 12, 2011,estimated a TEV range for the reorganized Debtors of between$74 million and $99 million, with a midpoint of $86.5 million.After errors were discovered in that report, Mr. Torgove issued a"Valuation Report Supplement," dated Sept. 27, 2011, and increasedthe TEV range to $76 million to $102 million, with a midpointvalue of $89 million.

Fifth Street is entitled to a recovery only if the Court findsthat the reorganized Debtors' TEV is greater than $110 million(the $26 million Stoughton Lease claim plus the $84 millionGarrison first lien claim). If the Debtors' TEV surpasses thathurdle, then Fifth Street is in the money and the Plan isunconfirmable because it violates 11 U.S.C. Sec. 1129.

According to Judge Shannon, the Debtors have carried their burdento demonstrate that the TEV of the Debtors' business isinsufficient to provide for a recovery to the second lien securedcreditor.

About Premier Trailer Leasing

Founded in 2005, PTL Holdings LLC and Premier Trailer Leasing,Inc., provide semi-trailer rentals, specializing in road-readysemi-vans and flatbeds for the mid-market segment of thetransportation industry. Headquartered in Grapevine, Texas, theyoperate their business out of 19 branches in 15 different statesin the United States.

On the Petition Date, the Debtors filed a Prepackaged Plan. Theprimary purpose of the Plan is to effectuate the restructuring andsubstantial de-leveraging of the Debtors' capital structure inorder to bring it into alignment with the Debtors' present andfuture operating prospects and to provide the Debtors with greaterliquidity. The Plan gives the First Lien Lenders, owed $84million, 100% of the equity of reorganized Premier in exchange forthe discharge of obligations owed under the First Lien CreditAgreement. Holders of Second Lien Credit Agreement Claims, worth$27,100,000, and holders of general unsecured claims, worth$550,000, will get nothing.

A statutory committee of unsecured creditors has not beenappointed in the Debtors' cases.

Founded in 2005, PTL Holdings LLC and Premier Trailer Leasing,Inc., provide semi-trailer rentals, specializing in road-readysemi-vans and flatbeds for the mid-market segment of thetransportation industry. Headquartered in Grapevine, Texas, theyoperate their business out of 19 branches in 15 different statesin the United States.

On the Petition Date, the Debtors filed a Prepackaged Plan. Theprimary purpose of the Plan is to effectuate the restructuring andsubstantial de-leveraging of the Debtors' capital structure inorder to bring it into alignment with the Debtors' present andfuture operating prospects and to provide the Debtors with greaterliquidity. The Plan gives the First Lien Lenders, owed $84million, 100% of the equity of reorganized Premier in exchange forthe discharge of obligations owed under the First Lien CreditAgreement. Holders of Second Lien Credit Agreement Claims, worth$27,100,000, and holders of general unsecured claims, worth$550,000, will get nothing.

A statutory committee of unsecured creditors has not beenappointed in the Debtors' cases.

PURADYN FILTER: Extends Exercise Period of Warrants to 2016-----------------------------------------------------------Puradyn Filter Technologies Incorporated had a series ofoutstanding common stock purchase warrants expiring on periodsfrom Dec. 31, 2011, through Nov. 20, 2013, which were exercisableby the holders into an aggregate of 2,842,643 shares of theCompany's common stock at an exercise price of $1.25 per share.The Company has offered the Warrant holders the opportunity toenter into a Warrant Amendment Agreement extending the exerciseperiod and reducing the exercise price of the Warrants, subject tothe Warrant holder exercising a portion of the Warrants by certaindates as hereinafter described. The terms of this Warrantmodification are:

* the term of the Warrants will be extended three years from the original expiration date and will now expire on periods from Oct. 1, 2014 through Nov. 20, 2016;

* the exercise price for the first 50% of the Warrants held by each Warrant holder will be reset to $0.20 per share and exercise price for the remaining 50% will be reset to $0.35 per share;

* participating Warrant holders will receive a 20% share bonus on the 50% of the Warrants if exercised by certain dates; and

* the cashless exercise provision of the Warrants will be eliminated.

Warrant holders must take these actions in order to be able toparticipate in the Warrant modification:

-- on or before Dec. 31, 2011, the Warrant holder must exercise and pay for 25% of the Warrants currently held by them. The exercise price of this tranche of Warrants will be $0.20 per share, and upon exercise of the Warrants in accordance with the terms, the Company will issue the Warrant holder an additional number of shares of the Company's common stock as will equal 20% of the shares issued upon the exercise of this tranche of the Warrants; and

* on or before March 31, 2012, the Warrant holder must exercise and pay for the next 25% of the Warrants currently held by them. The exercise price of this tranche of Warrants will also be $0.20 per share, and upon exercise of the Warrants in accordance with the terms, the Company will issue the Warrant holder an additional number of shares of the Company's common stock as will equal 20% of the shares issued upon the exercise of this tranche of the Warrants. If the second 25% of the Warrants are not exercised in accordance with the modified terms on or before March 31, 2012, the exercise price of that tranche will automatically be increased to $0.35 per share and Warrant holders will not be entitled to receive the additional shares of the Company's common stock.

Each Warrant holder is required to enter into a Warrant AmendmentAgreement with the Company in order to be eligible for the Warrantmodification. To date, the holders of Warrants to purchase anaggregate of 75,000 shares of the Company's common stock haveentered into Warrant Amendment Agreements with the Company.

Puradyn Filter reported a net loss of $1.57 million on$3.10 million of net sales for the year ended Dec. 31, 2010,compared with a net loss of $2.07 million on $1.91 million of netsales during the prior year.

The Company also reported a net loss of $1.27 million on$1.93 million of net sales for the nine months ended Sept. 30,2011, compared with a net loss of $837,312 on $2.54 million of netsales for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed$1.38 million in total assets, $9 million in total liabilitiesand, a $7.61 million total stockholders' deficit.

As reported in the TCR on April 13, 2011, Webb and Company, P.A.,in Boynton Beach, Fla., expressed substantial doubt aboutPuraDdn Filter Technologies' ability to continue as agoing concern, following the Company's 2010 financial results.The independent auditors noted that the Company has sufferedrecurring losses from operations, its total liabilities exceed itstotal assets, and it has relied on cash inflows from aninstitutional investor and current stockholder.

PURE BEAUTY: Files Schedules of Assets and Liabilities------------------------------------------------------Pure Beauty Salons & Boutiques, Inc., and its affiliated company,BeautyFirst Franchise Corp., filed with the U.S. Bankruptcy Courtfor the District of Delaware its schedules of assets andliabilities, disclosing:

Pure Beauty Salons was formed in 2010 by the Luborsky Family TrustII 2009 for the purpose of acquiring roughly 465 retail storesfrom Trade Secret Inc., and its affiliated Chapter 11 debtors(Bankr. D. Del. Case No. 10-12153) through a sale pursuant toSection 363 of the Bankruptcy Code. The consideration for thepurchased stores was a credit bid by Regis Corp. of $32.5 millionand the assumption by Pure Beauty Salons of $13 million in TSI'sliabilities.

a) assisting, advising and representing the Committee in its consultations with the Debtors regarding the administration of these Cases;

b) assisting, advising and representing the Committee with respect to the Debtors' retention of professionals and advisors with respect to the Debtors' businesses and these Cases;

c) assisting, advising and representing the Committee in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales, any asset dispositions, financing arrangements and cash collateral stipulations or proceedings;

d) assisting, advising and representing the Committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under leases and other executory contracts; and

e) assisting, advising and representing the Committee in investigating the acts, conduct, assets, liabilities and financial condition of the Debtors, the Debtors' operations and the desirability of the continuance of any portion of those operations, and any other matters relevant to this case or to the formulation of a plan.

The current hourly rates charged by PSZJ for professional andparalegals employed by the Firm are:

Pure Beauty Salons was formed in 2010 by the Luborsky Family TrustII 2009 for the purpose of acquiring roughly 465 retail storesfrom Trade Secret Inc., and its affiliated Chapter 11 debtors(Bankr. D. Del. Case No. 10-12153) through a sale pursuant toSection 363 of the Bankruptcy Code. The consideration for thepurchased stores was a credit bid by Regis Corp. of $32.5 millionand the assumption by Pure Beauty Salons of $13 million in TSI'sliabilities.

i) assist and advise the Committee in the analysis of the current financial position of the Debtors;

ii) assist and advise the Committee in its analysis of the Debtors' business plans, cash flow projections, restructuring programs, selling, general and administrative structure, and other reports and analyses prepared by the Debtors or their professionals, in order to assist the Committee in its assessment of the business viability of the Debtors, the reasonableness of projections and underlying assumptions, the impact of market conditions on forecast results of the Debtors; and the viability of any restructuring strategy pursued by the Debtors or other parties in interest;

iii) assist and advise the Committee in its analysis of proposed transactions for which the Debtors seek Court approval including, but not limited to, evaluation of competing bids in connection with the divestiture of corporate assets, DIP financing or use of cash collateral, assumption/rejection of leases and other executory contracts, management compensation and/or retention and severance plans;

iv) assist and advise the Committee in its analysis of the Debtors' internally prepared financial statements and related documentation in order to evaluate performance of the Debtors as compared to its projected results;

v) attend and advise at meetings/calls with the Committee, its counsel and representatives of the Debtors and other parties.

LM+Co will be paid based on the standard hourly rates of itsprofessionals:

Pure Beauty Salons was formed in 2010 by the Luborsky Family TrustII 2009 for the purpose of acquiring roughly 465 retail storesfrom Trade Secret Inc., and its affiliated Chapter 11 debtors(Bankr. D. Del. Case No. 10-12153) through a sale pursuant toSection 363 of the Bankruptcy Code. The consideration for thepurchased stores was a credit bid by Regis Corp. of $32.5 millionand the assumption by Pure Beauty Salons of $13 million in TSI'sliabilities.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed fourunsecured creditors to serve on the Official Committee ofUnsecured Creditors.

RADIAN GROUP: Must Show Path to Improvement Satisfy States----------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that Radian Group Inc.Chief Financial Officer Bob Quint said state regulators will needto be convinced the company is on a path toward improvement beforethey grant waivers that would allow it to keep selling coverage ifit misses a capital target.

Radian Group Inc. is a U.S.-based holding company that owns amortgage insurance platform comprised of Radian Guaranty, RadianInsurance and Radian Mortgage Assurance, and financial guarantyinsurance company Radian Asset. The group also has investments inother financial services entities. As of September 30, 2011,Radian Group had $7.25 billion in total assets and $1.29 billionin shareholder's equity.

Moody's commented that the downgrade of Radian Group's senior debtrating reflects Radian's constrained holding company liquidity andthe potential for additional contribution of holding companyresources to support its mortgage insurance business.

* * *

As reported in the Troubled Company Reporter on Nov. 25, 2011,Moody's Investors Service has downgraded Radian Group's seniordebt rating to 'Caa1', from 'B3', and placed it on review forpossible further downgrade.

Alixpartners is also seeking court approval for a retainer of$10,000 from Debtors.

About R.E. Loans

R.E. Loans LLC was, for many years, in the business of providingfinancing to home builders and developers of real property. R.E.Future LLC and Capital Salvage own the real property obtainedfollowing foreclosure proceedings initiated by R.E. Loans againstits borrowers. R.E. Loans is the sole shareholder of CapitalSalvage and the sole member of R.E. Future. B-4 Partners LLC isthe sole member of R.E. Loans. As a result of the multipledefaults by R.E. Loans' borrowers, R.E. Loans has transitionedfrom being a lender to becoming a property management company.

William T. Neary, the U.S. Trustee for Region 6, appointed 12members to the Official Committee of Noteholders of R.E. LoansLLC.

R.E. LOANS: U.S. Trustee Adds Dixon Collins to Noteholders' Panel-----------------------------------------------------------------William T. Neary, the United States Trustee for Region 6, pursuantto 11 U.S.C. Sec. 1102(a) and (b), removed Deborah Kurtin from thethe list of Official Committee of Noteholders and added DixonCollins to serve in the Official Committee of Noteholders of R.E.Loans LLC.

R.E. Loans LLC was, for many years, in the business of providingfinancing to home builders and developers of real property. R.E.Future LLC and Capital Salvage own the real property obtainedfollowing foreclosure proceedings initiated by R.E. Loans againstits borrowers. R.E. Loans is the sole shareholder of CapitalSalvage and the sole member of R.E. Future. B-4 Partners LLC isthe sole member of R.E. Loans. As a result of the multipledefaults by R.E. Loans' borrowers, R.E. Loans has transitionedfrom being a lender to becoming a property management company.

William T. Neary, the U.S. Trustee for Region 6, appointed 12members to the Official Committee of Noteholders of R.E. LoansLLC.

REITTER CORP: Wants Until Dec. 16 to File Amended Plan Outline--------------------------------------------------------------Reitter Corporation asks the U.S. Bankruptcy Court for theDistrict of Puerto Rico to extend until Dec. 16, 2011, its time tofile its Amended Disclosure Statement and to file stipulations oroppositions to the proofs of claims filed by Treasury and IRS.

The Debtor related that it has entered into a new contract withLBA Medical Services, Inc., which will increase its revenues andallow Debtor to have a feasible plan. The Debtor has submittedthis information to CPA Luis Carrasquillo in order to includethese additional revenues in the projections. As such, the Debtorneeds an additional time to file its amended disclosure statement,including the feasibility report.

About Reitter Corporation

San Juan, Puerto Rico-based Reitter Corporation dba Hospital SanGerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No.10-07152) on Aug. 6, 2010. In its schedules, the Debtor disclosed$20,440,765 in total assets and $17,250,033 in total debts.Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, in SanJuan, P.R., represents the Debtor as counsel.

RIO RANCHO: Wins Court Approval to Hire Thomas E. Kent as Counsel-----------------------------------------------------------------Rio Rancho Super Mall, LLC, sought and obtained permission fromthe U.S. Bankruptcy Court for the Central District of Californiato employ the Law Offices of Thomas E. Kent as its new bankruptcycounsel effective as of the date of the Debtor's substitution ofattorney on Sept. 1, 2011.

As counsel, the firm will:

(a) advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the requirements of the United States Trustee as they pertain to the Debtor;

(b) advise the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors;

(c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in that proceeding or hearing by other special counsel;

(d) examine witnesses, claimants or adverse parties and represent the Debtor in any adversary proceeding, except to the extent that any adversary proceeding is in an area outside of the Law Offices of Thomas E. Kent expertise or which is beyond the Law Offices of Thomas E. Kent's staffing capabilities;

(e) prepare and assist the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, financing pleadings and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business;

(f) assist the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect to the plan; and

(g) perform any other services which may be appropriate in the Law Offices of Thomas E. Kent's representation of the Debtor's bankruptcy case.

The Debtor agrees to reimburse the firm for any and all expensesit incurred in connection with the bankruptcy case.

Thomas E. Kent, Esq., assures the Court that his firm is a"disinterested person" as that term is defined in Section 101(14)of the Bankruptcy Code.

Moreno Valley, California-based Rio Rancho Supermall, LLC, owns,manages and operates a commercial property known as the Rio RanchoSuper Mall that is utilized as an indoor swap-meet and retailmall. It filed for Chapter 11 bankruptcy protection (Bankr. C.D.Calif. Case No. 11-16835) on March 2, 2011. Thomas E. Kent, Esq.,at the Law Offices of Thomas E. Kent, in Burbank, Calif.,serves asthe Debtor's bankruptcy counsel. The Debtor disclosed $7,691,584in assets and $12,253,866 in debts as of the Chapter 11 filing.

ROSSCO HOLDINGS: Court Approves Hahn Fife as Accountants--------------------------------------------------------The U.S. Bankruptcy Court for the Central District of Californiaauthorized Rossco Holdings Inc. to employ Hahn Fife & Company,LLP, as its accountants.

The firm will provide accounting services to the bankruptcy estatethat includes assistance with the preparation and submittal of theU.S. Trustee Operating Reports, tax analysis, if necessary,preparation of forecasted financial statements in connection withthe Debtor's' pending Chapter 11 plan and any other reasonableduties assigned by the Debtor.

RPM FINANCIAL: NRC Completes Sale of 16 Convenience Stores----------------------------------------------------------Convenience Store Decisions reports that NRC Realty & CapitalAdvisors LLC has completed the disposition of 16 operating andrecently closed convenience stores with gas in Alabama, Floridaand Georgia, that were owned and operated by RPM Financial LLC andan affiliated company, USA Travel, at the request of the U.S.Bankruptcy Court for the Middle District of Alabama.

According to the report, the properties were sold by RPM in asealed bid process first announced on July 28, 2011.

The report says the 16 sites were sold to eight different buyers,at prices ranging from $50,000 to $670,000 per site. This was aChapter 11 bankruptcy proceeding, and the stores were sold in a363 bankruptcy process free and clear of all liens. All were feeproperties and were sold without supply or branding agreements.

The report relates that all but three of the stores were inAlabama, with five of the operating stores in the Montgomerymarket and another eight closed stores there and in smaller townsaround the state. There were also two closed stores in resortmarkets in Gulf Breeze and Pensacola, Florida, and one operatingstore in Cuthbert, Georgia.

The report notes the sale was conducted using NRC's well-known"buy one, some or all" sealed bid sale process. The bid deadlineexpired on Sept. 15, 2011. All sales were subject to courtapproval.

Based in Highland Home, Alabama, RPM Financial LLC filed forChapter 11 bankruptcy protection (Bankr. M.D. Ala. Lead CaseNo.11-30545) on March 2, 2011. Judge William R. Sawyer presidesover the case. George W. Thomas, Esq., at Kaufman, Gilpin,McKenzie, P.C., represents the Debtors. The Debtors estimatedassets of less than $50,000, and debts of between $100,000 and$500,000.

"Although leverage is currently high for the rating, our 'BB+'long-term corporate credit rating on RRD reflects the company'scash flow generation and the potential that the company couldreduce leverage to the mid-3x area. We regard the business riskprofile as satisfactory, based on RRD's market position andefficiencies associated with its critical mass. However, thecompany faces declines in several of its products and pricingpressure because of industry overcapacity. We believe these trendswill likely cause RRD's organic revenue to grow at rates below theGDP growth rate, which could result in near-term revenuedeclines," S&P said.

The printing industry has gradually lost ground to electronicdistribution of content as well as online advertising. RRD is thelargest participant in the industry, with broad-based servicesaddressing a variety of end markets. The company's size confersimportant efficiencies, the capacity to provide one-stop serviceto clients, the ability to invest in leading technology, andthe ability to cope with pricing pressure more successfully thanmany of its competitors. Nevertheless, several of its importantend markets are subject to long-term adverse fundamentals, notablythe magazine, directory, and book businesses.

"We believe revenue will grow in the low- to mid-single-digits inthe fourth quarter, principally through contributions fromacquisitions. In 2012, we believe revenue could remain relativelyflat or decline at a low-single-digit rate. However, intensifyingsecular pressure on print media and/or a recession could causerevenue to decline at a faster rate than our base-case scenario.Leverage is currently high because the company recently deployeddebt to make a sizable acquisition (Bowne & Co. Inc.) and torepurchase shares," S&P said.

In November, management announced that it is freezing its pensionplan. Furthermore, restructuring charges were relatively high inthe 12 months ended Sept. 30, 2011, because of the acquisition ofBowne.

"Our rating outlook on RRD is negative, reflecting the potentialfor a recession and the risk that secular pressure and pricingpressure could intensify. We could lower the rating if we concludethat secular risks facing the company have increased and couldcause organic revenue to decline consistently or cause thecompany's EBITDA margin to decline below 10%. Alternatively, if itbecomes apparent that the company's leverage will remain in thehigh-3x area or greater, we could also consider lowering therating. This could occur if revenue declines at a mid-single-digitpercentage pace and its EBITDA margin declines or if the companypursues debt-financed acquisitions or undertakes further debt-financed share repurchases which maintain its elevated leverage.We could revise the outlook back to stable if leverage beginsfalling toward the mid-3x area and we become convinced thatoperating performance has stabilized," S&P said.

RUDEN MCCLOSKY: Committee Wants to Hire Soneet Kapila as Advisor----------------------------------------------------------------The Official Committee of Unsecured Creditors of Ruden McClosky,P.A., asks permission from the U.S. Bankruptcy Court for theSouthern District of Florida to retain Soneet Kapila, CPA, and thefirm of Kapila & Company as its financial advisor nunc pro tunc toNov. 14, 2011. The Committee selected Soneet Kapila and the Firmbecause Mr. Kapila is a panel Trustee and he and the Firm'saccountants have considerable expertise in the fields ofbankruptcy, insolvency, reorganizations, liquidations and debtors'and creditors' rights.

As financial advisor, the firm will:

(a) assist and advise the Committee and its professionals in analyzing the Debtor's assets and liabilities and in reviewing any proposed asset sales or dispositions;

(b) research and consult with the Committee regarding financial accounting and reporting matters;

(c) provide general consulting as required pertaining to claim administration;

(d) provide general consulting as required pertaining to third party claims; and

(e) perform all other necessary financial advisory services that may be necessary in the bankruptcy case.

The current hourly rates for the firm's accountants range between$110 and $490.

The firm will apply to the Court for allowance of compensation andreimbursement of expenses.

Soneet Kapila, CPA, assures the Court that the firm is a"disinterested person" as that term is defined in Section 101(14)of the Bankruptcy Code.

About Ruden McClosky

Founded in 1959, Ruden McClosky P.A., fdba Ruden, McClosky, Smith,Schuster & Russell, P.A. -- http://www.ruden.com/-- was a full- service law firm serving the legal needs of clients throughoutFlorida, the U.S., and internationally. It had eight offices inFlorida.

In August 2011, the firm was reportedly in merger talks withCleveland, Ohio-based Benesch firm. In September 2011, founderDonald McClosky died after a long battle with cancer.

Ruden McClosky filed for Chapter 11 protection (Bankr. S.D. Fla.Case No. 11-40603) on Nov. 1, 2011, in its hometown of FortLauderdale, with a plan to sell a substantial portion of itsassets for $7.6 million to Fort Lauderdale-based GreenspoonMarder, subject to higher and better offers at an auction.

The petition was signed by DSI's Joseph J. Luzinski, who serves aschief restructuring officer. Kurtzman Carson Consultants LLCserves as the Debtor's claims and noticing agent. In itspetition, the Debtor estimated $10 million to $50 million in bothassets and debts.

An official committee of unsecured creditors has been appointed inthe case, and is represented by Segall Gordich, P.A.

RUDEN MCCLOSKY: To Hire Steven J. Gutter as Litigation Counsel--------------------------------------------------------------Ruden McClosky P.A. asks permission from the U.S. Bankruptcy Courtfor the Southern District of Florida to employ Steven J. Gutter,P.A., as its special litigation counsel in connection withcollection of accounts receivable, and authorization to settleaccounts receivable claims in the ordinary course of business.

The firm will charge for its services on a 30% contingency feebasis, with costs to be advanced by the Debtor, including for anyfiling fee required to file lawsuits, if lawsuits are to be filed.The rate will increase to 45% if proceedings supplementary arenecessary to collect the debt. The contingent fees will be paid,if at all, from funds collected by the Gutter Firm. Because itwill be paid on a contingency fee basis the Gutter Firm will notmaintain detailed, contemporaneous records of time but willmaintain records of any actual and necessary expenses incurred inconnection with the rendering of legal services.

Steven J. Gutter, Esq., at Steven J. Gutter, P.A., in Boca Raton,Florida, assures the Court that neither he or any professionalemployed by the Gutter Firm holds or represents any interestadverse to the Debtor or its estate with respect to the mattersfor which the Gutter Firm is being retained.

About Ruden McClosky

Founded in 1959, Ruden McClosky P.A., fdba Ruden, McClosky, Smith,Schuster & Russell, P.A. -- http://www.ruden.com/-- was a full- service law firm serving the legal needs of clients throughoutFlorida, the U.S., and internationally. It had eight offices inFlorida.

In August 2011, the firm was reportedly in merger talks withCleveland, Ohio-based Benesch firm. In September 2011, founderDonald McClosky died after a long battle with cancer.

Ruden McClosky filed for Chapter 11 protection (Bankr. S.D. Fla.Case No. 11-40603) on Nov. 1, 2011, in its hometown of FortLauderdale, with a plan to sell a substantial portion of itsassets for $7.6 million to Fort Lauderdale-based GreenspoonMarder, subject to higher and better offers at an auction.

The petition was signed by DSI's Joseph J. Luzinski, who serves aschief restructuring officer. Kurtzman Carson Consultants LLCserves as the Debtor's claims and noticing agent. In itspetition, the Debtor estimated $10 million to $50 million in bothassets and debts.

An official committee of unsecured creditors has been appointed inthe case, and is represented by Segall Gordich, P.A.

SAGAMORE PARTNERS: Court Approves Requisition/Remittance Operation------------------------------------------------------------------The Hon. A. Jay Cristol of the U.S. Bankruptcy Court for theSouthern District of Florida clarified and modified the interimorder to enable Sagamore Partners, Ltd., and JPMCC 2006-LDP7 MiamiBeach Lodging, LLC through LNR Partners, LLC, the sole manager ofthe secured lender and the special servicer for the loan, toreturn to the prepetition arrangement regarding the:

i) collection of the Debtor's revenue; ii) the requisition, approval and remittance process; and iii) the Debtor's disbursement process; and the authority to maintain the pre-petition lockbox account as the DIP Lockbox Account.

Specifically, the Interim Order is clarified to provide that:

a) The prepetition lockbox account at Sabadell, ending in 2564,will be renamed as a DIP lockbox account, and will return to itsrole as the lockbox account which will collect the Debtor'srevenue and will be swept by LNR on a daily basis. As of Nov. 2,2011, the account contained $135,414, which consists of theDebtor's postpetition revenue that was not forwarded to the DIPOperating Account.

b) The DIP Operating Account at Sabadell, ending in 1491, willbe the account into which approved requisitions are remitted byLNR, and from which payments and disbursements are made to theDebtor's vendors, including adequate protection payments to LNRunder the Interim Order. As of Nov. 2, 2011, the accountcontained $571,577, which consists of postpetition hotel revenue,and reflects the previously approved disbursements of $177,289 and$70,522, which have already been paid pursuant to approvedrequisitions.

c) As of Nov. 2, 2011, the postpetition tax account, ending in7115, contained $0, and this account will remain in effect.

d) The DIP Lockbox Account will retain the $135,414 currentlyin the account, and the Debtor will transfer from the DIPOperating Account, to the DIP Lockbox Account, $571,577, lesscertain amounts described below, or an adjusted amount agreed toby the parties on the date of transfer after entry of an order onthe motion, to account for additional post-petition revenue. Theamount of $162,074, reflecting the Nov. 1, 2011, requisition whichhas been approved by LNR, and $90,000, to cover any outstandingchecks that may have not yet been deposited from previouslyapproved disbursements, will not be transferred from the DIPOperating Account to the DIP Lockbox Account. This must result ina transfer of approximately $319,502 to the DIP Lockbox Account,not including additional postpetition income which will beaccruing in the account until the date of transfer. Once all ofthe previously approved disbursements have been made, and on thedate of transfer, the Debtor will provide an additional true-upaccounting to LNR to address any remaining funds in the DIPOperating Account.

e) In order to accomplish this, and for convenience andefficiency purposes, the Debtor and LNR agree to operate under theAccount and Control Agreement between the Debtor, Arbor RealtyFunding, LLC, a predecessor lender, and Mellon United NationalBank (n/k/a Sabadell), dated March 31, 2004, which would simplyreturn the parties to the prepetition process and mechanism, andwill facilitate the arrangement.

The Court also ordered that Debtor and LNR will continue tooperate under the requisition and remittance process.

About Sagamore Partners

Bay Harbor, Florida-based Sagamore Partners Ltd. owns and operatesthe prestigious oceanfront Sagamore Hotel, also known as The ArtHotel due to its captivating art collection from recognizedartists and its contemporary design. The all-suite boutique hotelis situated within Miami's Art Deco Historic District on SouthBeach. Sagamore Partners is owned by Martin Taplin.

SHENGDATECH INC: Wants More Time to Recover and Safeguard Assets----------------------------------------------------------------Shengdatech, Inc., asks the U.S. Bankruptcy Court for the Districtof Nevada to extend its exclusive periods to file and solicitacceptances for the proposed Chapter 11 Plan until March 19, 2012,and June 14, respectively.

The Debtor relates that its needs more time to investigatefraudulent actions of its prior management and to locate andsecure its assets and the assets of its subsidiaries. The Debtorhas worked with the Official Committee of Unsecured Creditors todevelop a strategy to recover and safeguard its assets. Thestrategy needs to play out over the coming months in order for theDebtor to be in a position to propose a plan of reorganization.

The Debtor set a Dec. 14, 2011, hearing at 10:00 a.m., on therequested exclusivity extensions.

About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nanoprecipitated calcium carbonate for the tire industry.ShengdaTech converts limestone into nano-precipitated calciumcarbonate (NPCC) using its proprietary and patent-protectedtechnology. NPCC products are increasingly used in tires, paper,paints, building materials, and other chemical products. Inaddition to its broad customer base in China, the Companycurrently exports to Singapore, Thailand, South Korea, Malaysia,India, Latvia and Italy.

As reported in the TCR on Sept. 7, 2011, the United StatesTrustee appointed AG Ofcon, LLC, The Bank of New York, Mellon (inits role as indenture trustee for bondholders), and ZazoveAssociates, LLC, to serve on the Official Committee of UnsecuredCreditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTec's officialcommittee of unsecured creditors.

"In addition, we assigned ratings to the proposed incremental termloans and to the amended revolving credit facility of Sinclair'sguaranteed operating subsidiary, Sinclair Television Group Inc.(STG). The incremental term loans, which consist of a $250 millionincremental tranche A term loan maturing March 2016 and a $280million incremental tranche B term loan maturing October 2016,are rated 'BB+' (two notches higher than the 'BB-' corporatecredit rating on the parent). The recovery rating on this debt is'1', indicating our expectation of very high (90% to 100%)recovery for lenders in the event of a payment default. Thecompany plans to use the term loan proceeds to finance thepreviously announced acquisitions of Four Points Media GroupHoldings LLC and the TV stations of Freedom Communications. Wealso assigned an issue-level rating of 'BB+' with a recoveryrating of '1' to the proposed amended $100 million revolvingcredit facility maturing March 2016," S&P related.

"At the same time, we revised our recovery rating on STG's second-lien notes to '4', indicating our expectation of average (30%-50%)recovery for noteholders in the event of a payment default, from'3'. As per our notching criteria for a '4' recovery rating, theissue-level rating remains unchanged at 'BB-' (the same level asthe 'BB-' corporate credit rating)," S&P said.

"Our rating and stable outlook on Sinclair reflect our expectationthat, pro forma for the pending acquisitions, the company will beable to keep its lease-adjusted debt-to-EBITDA ratio below 5.5xthroughout the election cycle, absent a reversal of economicgrowth, further large debt-financed acquisitions, or significantshareholder-favoring measures. Lease-adjusted debt to EBITDAdeclined to 4.1x as of Sept. 30, 2011, from 4.8x a year ago. Weestimate that the incremental debt and EBITDA from the proposedacquisitions will add about 0.5x to Sinclair's lease-adjustedleverage. Under our base case scenario, we expect a low-single-digit percentage revenue decline in 2011 and high-single-digitrevenue growth in 2012. Factoring in these expectations withthe EBITDA of the acquired stations, we believe the company willbe able to keep its lease-adjusted debt to average trailing-eight-quarter EBITDA below our threshold level of 5.5x for the 'BB-'rating, even if the company increases shareholder dividendssomewhat and makes some small acquisitions," S&P said.

Sinclair is one of the largest non-network-owned TV broadcastersin the U.S., with 58 stations reaching about 22% of the country'shouseholds. The Four Points and Freedom TV station acquisitionswill increase its portfolio to 73 stations reaching 26% of U.S. TVhouseholds and bring more balance to its network affiliation mixby adding more CBS and ABC affiliates. The company's size conferssome efficiencies with respect to marketing, programming,overhead, and capital expenditures. However, Sinclair's stationshave generally had lower audience rankings in their markets, whichcan result in lower ad rates. As a TV broadcaster, its advertisingrevenue is highly sensitive to economic downturns and electioncycles, and its business is also subject to long-term seculartrends of audience fragmentation and the increasing popularity ofInternet-based entertainment. Separately, Sinclair holdsinvestments in a number of underperforming real estate and othernon-TV assets, which we view as lying on the fringe of strategicnecessity," S&P said.

SOLYNDRA LLC: Creditors Have Until Jan. 23 to File Proofs of Claim------------------------------------------------------------------The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for theDistrict of Delaware has established Jan. 23, 2012, at 4:00 p.m.,prevailing Eastern Time, as the deadline to file proofs of claimagainst Solyndra LLC, et al.

Governmental units have until 4:00 p.m. on March 5, 2012, to fileproofs of claim.

Proofs of claim must be filed with the claims agent Alix Partners,LLP, or with:

The Clerk of Bankruptcy Court for the District of Delaware 824 Market Street 3rd Floor Wilmington, DE 19801

About Solyndra LLC

Founded in 2005, Solyndra LLC is a U.S. manufacturer of solarphotovoltaic solar power systems specifically designed for largecommercial and industrial rooftops and for certain shadedagriculture applications. The Company had 968 full time employeesand 211 temporary employees. Solyndra has sold more than 500,000of its panels since 2008 and generated cumulative sales of over$250 million.

Solyndra owed secured lenders $783.8 million, including$527.8 million to the U.S. government pursuant to a federal loanguarantee, and held assets valued at $859 million as of thePetition date. The U.S. Federal Financing Bank, owned by the U.S.Treasury Department, is the Company's biggest lender.

In the Chapter 11 cases, the Debtors are pursuing a two-prongedstrategy to effectuate either a sale of their business to a"turnkey" buyer who may acquire substantially all of Solyndra'sassets or, if the Debtors are unable to identify any suchpotential buyers, an orderly liquidation of the Debtors' assetsfor the benefit of their creditors.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed sevenunsecured creditors to serve on the Official Committee ofUnsecured Creditors of Solyndra LLC. The Committee has tappedBlank Rome LLP as counsel.

Solyndra is at least the fourth solar company to seek courtprotection from creditors since August 2011. Other solar firmsare Evergreen Solar and start-up Spectrawatt Inc., both of whichfiled in August, and Stirling Energy Systems Inc., which filed forChapter 7 bankruptcy late in September.

"At the same time, we lowered our senior unsecured issue-levelrating to 'CCC+' (two notches below the corporate credit rating)from 'B-', and placed the new rating on CreditWatch with negativeimplications. In addition, we revised our recovery rating on thedebt to '6' from '5'. The '6' recovery rating indicates ourcurrent expectation for negligible (0% to 10%) recovery ofprincipal in the event of payment default, compared with ourprevious expectation of modest (10% to 30%) recovery," S&P said.

"The CreditWatch listing indicates we expect to lower the ratingsunless we conclude the trend of free operating cash flow over thelonger term largely eliminates StoneMor's use of debt to partiallyfund unitholder distributions. We will assess the company'sability to internally generate more cash flow relative to its cashoutlays. Additionally, its slim cushion on its fixed-chargecovenant, if not alleviated, could also contribute to adowngrade," S&P said.

SUMMO INC: Chapter 11 Case Dismissal Hearing Today--------------------------------------------------The U.S. Bankruptcy Court for the District of Colorado set Dec. 1,2011, at 1:30 p.m., to consider approval of the motion to dismissthe Chapter 11 case of Summo Inc. on grounds that the petition wasfiled in "bad faith" filed by Frontier Bank, a Branch of FirstNational Bank in Lamar, Colorado.

According to the Troubled Company Reporter on Nov. 25, 2011,the bank told the Court that the Debtor's only substantial assetconsists of real property. The bank points out that the propertygenerates no revenue and does not operate any business. The bankrelated that its appraiser has valued the property subject to thetwo deeds of trust at $2,450,000.

According to the bank, the Debtor has not filed a plan. The bankadds the Debtor has no cash, no business operations, no revenue,no employees and no equity in the real property subject to thedeeds of trust held by the Bank. The Debtor has no reasonableprospect of filing a feasible Plan that could be confirmed by theCourt.

Joel Laufer, Esq., at Laufer and Padjen LLC, represents the bank.Mr. Laufer can be reached at:

The U.S. Trustee said that an official committee has not beenappointed in the bankruptcy case of Summo Inc., fka Pinion Ridge,LLC, because an insufficient number of persons holding unsecuredclaims against the Debtor have expressed interest in serving on acommittee. The U.S. Trustee reserves the right to appoint such acommittee should interest developed among the creditors.

SW BOSTON: Can Use Cash Collateral of Prudential Insurance----------------------------------------------------------The U.S. Bankruptcy Court for the District of Massachusettsauthorized SW Boston Hotel Venture LLC, et al., to use the cashcollateral, overruling the objection of The Prudential InsuranceCompany of America.

The Prudential Insurance Company of America on behalf of andsolely for the benefit of, and with its liability limited to theassets of, its insurance company separate account, PRISA have aninterest in the Debtors' cash collateral.

The Debtors would use the cash collateral to fund their businessoperations pending a decision on confirmation of the Plan. TheDebtors' use of the cash collateral will be on the same terms andconditions agreed to between the Debtors and Prudential.

As reported on the Troubled Company Reporter on Oct. 14, 2010, inexchange for using the cash collateral, the Debtors will grant theprepetition lenders replacement liens on the same types ofpostpetition property of the estates against which the lienholdershold liens as of the petition date.

Ruling on Prudential's Objection

In an order dated Sept. 29, 2011, the Court overruled theobjection of Prudential. The Court ruled that Prudential does notlack adequate protection given the amount of its debt and thevalue of its collateral. Moreover, the Court said that the Debtoris making progress in selling condominium units. Prudential isnot entitled to further adequate protection or restrictions on theDebtors' use of cash collateral.

TELETOUCH COMMUNICATIONS: Settles with AT&T Dispute for $18.5MM---------------------------------------------------------------Since September 2009, Teletouch Communications, Inc., through itswholly-owned subsidiary, Progressive Concepts, Inc., has beeninvolved in an arbitration proceeding with and against NewCingular Wireless PCS, LLC, and AT&T Mobility Texas LLC relatingto, among other things, certain distribution and relatedagreements by and between the parties.

On Nov. 23, 2011, PCI and AT&T entered into a settlement andrelease agreement pursuant to which the parties agreed to settleall of their disputes subject to the foregoing arbitration. Incertain recent public filings, the Company disclosed the basicframework of the settlement negotiations, which have been ongoingsince May 2011. Throughout these discussions, this frameworkcontemplated certain cash and other consideration for PCI, aminimum 6 year sales and distribution relationship with AT&T,including updated and expanded agreements for all of the currentand prior market areas covered under the PCI's distributionagreements with AT&T, and such would allow PCI to offer anexpanded portfolio of AT&T products and services, including salesand support for the iPhone and iPad, manufactured by Apple, Inc.The Agreement, including all ancillary agreements negotiated intothe Agreement, provide PCI with:

(i) $10 million of initial consideration comprised of $5 million cash payment and $5 million forgiveness of PCI's oldest unpaid obligations to AT&T related to AT&T's percentage of PCI's monthly cellular billings;

(ii) up to $8.5 million of additional cash consideration, based on an agreed upon fee to be paid to PCI for each cellular subscriber that transfers from PCI to AT&T during the term of the agreements to purchase wireless services not offered by PCI or at the expiration of the 3 year extended term of the distribution agreement, each in accordance with its terms;

(iii) additional consideration based on an agreed upon fee to be paid to PCI for each cellular subscriber that transfers from PCI to AT&T during the term of the agreement for reasons other than to purchase wireless services not offered by PCI;

(iv) renewal or extension of all current and prior distribution agreements for three years allowing PCI to again activate new subscribers and provide many of the previously withheld wireless services and products, including the iPhone and

(v) a six year dealer/agent agreement with AT&T allowing PCI to provide to its customers all products and services offered by AT&T's dealers, with compensation paid to PCI for each product or service sold, subject to standard qualification and chargeback provisions.

In addition to the foregoing, the parties also executed mutualreleases releasing their respective directors, officers, employeesand other affiliates from claims related to the matters subject ofthe foregoing arbitration.

Through its wholly-owned subsidiary, Progressive Concepts, Inc.,Teletouch operates a national distribution business, PCIWholesale, primarily serving large cellular carrier agents andrural carriers, as well as auto dealers and smaller consumerelectronics retailers, with product sales and support availablethrough http://www.pciwholesale.com/and http://www.pcidropship.com/among other B2B oriented Web sites.

The Company's balance sheet at Aug. 31, 2011, showed $17.90million in total assets, $29.18 million in total liabilities and a$11.28 million total shareholders' deficit.

As reported by the TCR on Sept. 1, 2011, BDO USA, LLP, in Houston,Texas, noted that the Company has increasing working capitaldeficits, significant current debt service obligations, a netcapital deficiency along with current and predicted net operatinglosses and negative cash flows which raise substantial doubt aboutits ability to continue as a going concern.

TENET HEALTHCARE: Annual Meeting of Shareholders Set for May 10---------------------------------------------------------------The Board of Directors of Tenet Healthcare Corporation has set the2012 annual meeting of shareholders for May 10, 2012. TheCompany's intention to hold the 2012 annual meeting in May 2012was previously disclosed in the Company's proxy statement for its2011 annual meeting. The Company will announce the record date,time and location of the 2012 annual meeting at a later date.

As previously explained in the Company's proxy statement for its2011 annual meeting, the deadlines for the receipt of anyshareholder proposals and director nominations to be considered atthe 2012 annual meeting are as follows, based on the fact that theannual meeting is being held earlier than 30 days before the one-year anniversary of the 2011 annual meeting.

Any shareholder proposal submitted pursuant to Rule 14a-8 underthe Securities Exchange Act of 1934, as amended, for inclusion inthe Company's proxy materials for the 2012 annual meeting must bereceived by the Company's Corporate Secretary at the Company'sprincipal executive offices no later than the close of business onDec. 8, 2011. Those proposals also need to comply with the rulesof the Securities and Exchange Commission regarding the inclusionof shareholder proposals.

In addition, any shareholder seeking to bring business before the2012 annual meeting outside of Rule 14a-8 of the Exchange Act orto nominate a director must provide timely notice as set forth inthe Company's bylaws. Specifically, written notice of any suchproposed business or nomination must be received by the Company'sCorporate Secretary at the Company's principal executive officesno later than the close of business on Dec. 8, 2011 (which is thetenth day following this public announcement of the date of the2012 annual meeting). Any notice of proposed business ornomination also must comply with the notice and other requirementsin our bylaws, which are available on our corporate Web site atwww.tenethealth.com, and with any applicable law.

"Volume growth was very strong in our third quarter," said TrevorFetter, president and chief executive officer. "Adjustedadmissions growth of 2.3 percent and surgery growth of 3.2 percentdrove a 3.5 percent increase in net operating revenues. This topline growth was further leveraged by excellent cost control andattractive pricing increases in our new contracts with commercialmanaged care payers. Given this progress across our keyperformance metrics, we are pleased to reconfirm our 2011 EBITDAOutlook in a range of $1.175 billion to $1.275 billion."

The Company's balance sheet at Sept. 30, 2011, showed $8.29billion in total assets, $6.51 billion in total liabilities, $16million in redeemable noncontrolling interests in equity ofconsolidated subsidiaries, and $1.76 billion in total equity.

* * *

As reported by the TCR on Aug. 5, 2010, Moody's Investors Serviceaffirmed its 'B2' corporate family rating for Tenet. The ratingreflects Moody's expectation that the Company will likely seepositive free cash flow for the full year ending Dec. 31,2010, as operating results continue to improve and litigationsettlement payments end in the third quarter. However, theratings also consider the significant headwinds facing thecompany, and the sector as a whole, with respect to increasing baddebt expense, weak volume trends and changes in mix as commercialvolumes decline.

S&P's corporate credit rating on Tenet is 'B' and remainsunchanged. The ratings agency noted that while the Company hasexperience recent successes to date of a multiyear turnaroundeffort, the Company has a still-weak business risk profile andhigh financial leverage.

Fitch Ratings has issued its Recovery Rating review of the U.S.Healthcare sector. This review includes an analysis of valuationmultiples, EBITDA discounts applied, and detailed recoveryworksheets for issuers with a Fitch Issuer Default Rating of 'B+'or lower in this sector.

THE RIM: Developer to Repay Starwood Loan Under Chapter 11 Plan---------------------------------------------------------------Patrick Danner at My San Antonio reports that the Georgiadeveloper of The Rim has prevailed in his efforts to hold on toportions of the complex stuck in bankruptcy for the last twoyears.

According to the report, a U.S. bankruptcy judge in Georgia lastweek approved a bankruptcy reorganization plan that givesdeveloper Stanley Thomas three years to repay a loan used to buildabout 642,000 square feet of the roughly 2 million-square-footdevelopment on the Northwest Side.

The report relates that four Mr. Thomas's entities each slippedinto bankruptcy on the eve of the holiday shopping season in 2009to stop a foreclosure sale by a group of lenders on parcelstotaling about 80 acres, including where Best Buy and Dick'sSporting Goods are. The retail businesses were not part of thebankruptcy filings.

The report says the lenders' loans later were acquired byGreenwich, Conn.-based Starwood Capital Group, which has anaffinity for buying distressed debt. Starwood is a globalinvestment firm with more than $18 billion in assets undermanagement. Starwood moved to take ownership of The Rimproperties owned by the bankrupt Thomas companies to satisfy morethan $110 million of unpaid loans.

The report says Mr. Thomas, though, was able to fund areorganization plan by selling other properties. Mr. Thomas andStarwood eventually came to an agreement.

The report relates that, under the reorganization plan, Mr. Thomashas until Dec. 22, 2014, to repay $117 million to Starwood. Allother creditors were paid in full.

TOWNSEND CORP: Court Approves Levene Neale as Bankruptcy Counsel----------------------------------------------------------------The U.S. Bankruptcy Court for the Central District of Californiaauthorized Townsend Corporation, doing business as Land RoverJaguar Anaheim Hills, and LRJC, Inc., doing business as Land RoverJaguar Cerritos, to employ Levene, Neale, Bender, Yoo & BrillL.L.P. as their bankruptcy counsel, nunc pro tunc to PetitionDate.

As reported in the Troubled Company Reporter on Oct. 7, 2011, ascounsel, LNBYB will:

-- advise the Debtors with regard to the requirements of the Court, Bankruptcy Code, Bankruptcy Rules, and the Office of the United States Trustee as they pertain to the Debtors;

-- advise the Debtors with regard to certain rights and remedies of their bankruptcy estates and the rights, claims and interests of creditors;

-- represent the Debtors in any proceeding or hearing involving their estates unless the Debtors are represented in the proceeding or hearing by other special counsel;

-- conduct examinations of witnesses, claimants or adverse parties and represent the Debtors in adversary proceedings;

-- prepare and assist the Debtors in the preparation of reports, applications, pleadings and orders;

-- represent the Debtors with regard to obtaining use of debtor in possession financing and cash collateral; and

-- assist the Debtors in the negotiation, formulation, preparation and confirmation of plans of reorganization and the preparation and approval of disclosure statements in respect of the plans.

The Debtors will pay LNBYB for its representation of them inaccordance with the Firm's standard hourly billing rates. TheDebtors will also reimburse LNBYB of its necessary expenses. TheDebtors expected that Martin J. Brill, Esq., and Todd M. Arnold,Esq., will be the primary attorneys at LNBYB responsible for theDebtors' cases. The Firm's 2011 hourly billing rates are:

During the one-year period prior to its Chapter 11 filing, LRJAHpaid an initial retainer of $20,000 subsequently followed by eachDebtor providing an additional retainer of $50,000 to LNBYB forlegal services in contemplation of and in connection with theDebtors' cases, inclusive of the Debtors' two $1,039 Chapter 11bankruptcy filing fees, Ernest W. Townsend IV, the Debtors'president, disclosed. He notes that the $98,480 Retainer balanceas of the Petition Date will remain on deposit in LNBYB's generalaccount.

Martin J. Brill, a partner at LNBYB, assured the Court that hisFirm is a "disinterested person" as that term is defined inSection 101(14) of the Bankruptcy Code.

VAN HUNTER: Frost National to Seek Approval of Plan on Jan. 4-------------------------------------------------------------On Nov. 16, 2011, U.S. Bankruptcy Judge Brenda T. Rhoades enteredan agreed order approving the First Amended Disclosure Statementfiled by The Frost National Bank and Corey Van Trease inconnection with the First Amended Plan of Liquidation for VanHunter Development, Ltd.

The Plan does not contemplate the Debtor continuing to operate.Instead, the Debtor will be dissolved after liquidating itsproperty and completing all other actions under the Plan.

The Bankruptcy Court fixed Jan. 4, 2012, as the ballot deadline.

The Plan Proponents will seek approval of their Plan at a hearingon Jan. 9, 2012, at 10:30 a.m. Written objections to confirmationof the Plan must be filed no later than Dec. 28, 2011.

The Debtor currently owns 11 lots of residential real propertylocated in Flower Mound, Texas in a subdivision called The Enclaveat Chateau Du Lac. Ten of the lots are subject to the securedclaim of The Frost National Bank and one lot is unencumbered. TheDebtor has placed a $75,000 retainer with its bankruptcy counsel.

The retainer will be used to satisfy administrative claims in theDebtor's case.

The proceeds of Frost's collateral will be used to satisfy closingcosts and property taxes secured by such property with theremainder paid to Frost.

The remainder of the retainer, the net proceeds of the sale of theunencumbered lot remaining after closing costs and taxes, and theproceeds of the liquidation of all other property of the Debtorwill be used to satisfy the Allowed IRS Claim and the remainderwill be distributed to general unsecured creditors up to 100% oftheir claim.

The Debtor's equity holders will receive no value or distributionuntil all other classes are paid in full.

The Plan provides for the sale of 10 lots to JBCL Capital, LP, forthe price of $2,500,000, subject to higher and better offers. The10 lots are also subject to the claim of Frost which has beenfiled as $5,871,440 as of Jan. 4, 2010.

The Plan provides for the sale of 1 lot to JBCL Capital, LP, forthe price of $127,500, subject to higher and better offers. Thislot is subject to property taxes claimed by the taxing authoritiesin the amount of $41,351.21 and no other liens against theproperty have been identified. The proceeds of the sale of willbe used to pay normal and customary closing costs and propertytaxes, and the remainder will be distributed to unsecuredclaimants, in addition to any unused retainer and any proceedsfrom the Debtor's nominal personal property.

A copy of the First Amended Disclosure Statement regarding theFirst Amended Plan filed by The Frost National Bank and Corey VanTrease for Van Hunter Development is available for free at:

The Debtor is a limited partnership whose two principals are GaryEvans and Corey Van Trease.

VILLAGE AT CAMP: Paid-up Oil & Gas Lease with Chesapeake Okayed---------------------------------------------------------------The U.S. Bankruptcy Court for the Northern District of Texasauthorized Village at Camp Bowie I, L.P., to enter into paid-upoil and gas lease (no surface use) with Chesapeake Exploration,L.L.C.

In the ordinary course of business, the Debtor regularly leasesits vacant space at the Village and enters into commercial leasetransactions with prospective tenants.

The Debtors negotiated a three-year paid-up oil and gas lease withChesapeake Exploration. In exchange for leasing the subsurfaceoil and gas rights to Chesapeake, the Debtor would receive a$71,752 cash bonus, plus 25% royalty in production.

About Village at Camp Bowie I

Dallas, Texas-based Village at Camp Bowie I, L.P. owns a low-rise,mixed-use development in southwest Fort Worth, Texas, knowneponymously as the Village at Camp Bowie. The Property occupies23.08 acres in an excellent location in one of the busier areas ofthe city. Space in the Property is leased for office, retail,restaurant and entertainment purposes. The Property is presentlyslightly less than 80% occupied. Village at Camp Bowie I filedfor Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No.10-45097) on Aug. 2, 2010. J. Mark Chevallier, Esq., at McGuire,Craddock & Strother, P.C., in Dallas, serves as the Debtor'sbankruptcy counsel. The Debtor estimated its assets and debts at$10 million to $50 million. No trustee or examiner has beenappointed, and no official committee of creditors has been formed.

The involuntary Chapter 11 bankruptcy petition against VirginOffshore USA, Inc., has been transferred to Judge Elizabeth W.Magner. The case was first given to Judge Jerry A. Brown.

VYCOR MEDICAL: Oscar Bronsther Appointed to Board of Directors--------------------------------------------------------------Vycor Medical, Inc., announced that Oscar Bronsther, M.D., F.A.C.Swas appointed to Vycor's Board of Directors with immediate effect.Dr. Bronsther is currently Clinical Professor at George WashingtonUniversity, Washington, DC.

Dr. Bronsther has served as Clinical Professor at GeorgeWashington University since 2002. He had previously served as anAssociate Professor at the University of Rochester, Rochester, NY(1994-2001), University of Pittsburgh, Pittsburgh, PA (1989-1994)and University of California San Diego (1984). He also serves asthe Chairman, Section of General Surgery at Inova FairfaxHospital. Since 2002, he has served as a Board Member, NationalBoard Member and Director of Transplant Services of KaiserPermanente Medical Group. He has authored over 60 publications,principally in the field of organ transplantation and has lecturedextensively in the field.

Adrian Liddell, Chairman of Vycor, commented, "We are delightedthat Dr Bronsther has agreed to join our board of directors. Hebrings a strong medical viewpoint to our board and with hisbackground across numerous disciplines will be able to addconsiderably to the strategic development of the Company."

Dr. Oscar Bronsther commented, "I am very pleased to be joiningthe board of Vycor at this exciting time in its development.Vycor's VBAS neurosurgical device has tremendous potential and isgaining traction with neurosurgeons and hospitals, and thecompany's NovaVision operations provide an otherwise unmet therapyand are building up patient volume."

About Vycor Medical

Boca Raton, Fla.-based Vycor Medical, Inc. (OTC BB: VYCO)-- http://www.VycorMedical.com/-- is a medical device company committed to making neurological brain, spinal and other surgicalprocedures safer and more effective. The Company's flagship,Patent Pending ViewSite(TM) Surgical Access Systems represent anexciting new minimally invasive access and retraction system thatholds the potential for speedier, safer and more economical brain,spinal and other surgeries and a quicker patient discharge.Vycor's innovative medical instruments are designed to optimizeneurosurgical site access, reduce patient risk, acceleraterecovery, and add tangible value to the professional medicalcommunity.

The Company also reported a net loss of $3.92 million on $518,731of revenue for the nine months ended Sept. 30, 2011, compared witha net loss of $1.12 million on $210,308 of revenue for the sameperiod during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed$4.40 million in total assets, $2.66 million in total liabilities,and $1.74 million in stockholders' equity.

As reported in the TCR on April 11, 2011, Paritz & Company, P.A.,in Hackensack, New Jersey, expressed substantial doubt about VycorMedical's ability to continue as a going concern, following theCompany's 2010 results. The independent auditors noted that theCompany has incurred a loss since inception, has a net accumulateddeficit and may be unable to raise further equity.

WAXESS HOLDINGS: Amends Third Quarterly Report----------------------------------------------AirTouch Communications, Inc., fka Waxess Holdings, filedAmendment No. 1 to its Quarterly Report on Form 10-Q for thequarter ended Sept. 30, 2011, to reflect the restatement of itsconsolidated financial statements for the three months and ninemonths ended Sept. 30, 2011. The Company restated its previouslyconsolidated financial statements to correct an error thatresulted from the inadvertent failure to record (i) a noncashcharge in the amount $292,755 and the Company's issuance of161,743 shares of common stock in consideration of the Company'sfailure to file a secondary registration statement by an agreeddate and (ii) a noncash charge in the amount of $85,975 related tothe Company's issuance of 47,500 shares of common stock asplacement agent fees in connection with capital raising efforts.

The Amendment amends and restates the quarterly report on Form 10-Q filed on Nov. 15, 2011, to reflect noncash charges in theaggregate amount of $378,730 and the Company's issuance of 47,500shares of its common stock during the three and nine month periodsended Sept. 30, 2011.

The Company's restated statement of operations reflects a net lossof $2.22 million on $0 of net revenue for the three months endedSept. 30, 2011, compared with a net loss of $779,316 on $138,910of net revenue for the same period during the prior year. TheCompany previously reported a net loss of $1.85 million on $0 ofnet revenue for the three months ended Sept. 30, 2011, comparedwith a net loss of $779,316 on $138,910 of net revenue for thesame period during the prior year.

The amendment also reflects a net loss of $6.56 million on$477,217 of net revenue for the nine months ended Sept. 30, 2011,compared with a net loss of $2.74 million on $142,844 of netrevenue for the same period a year ago. The Company originalreport reflects a net loss of $6.19 million on $477,217 of netrevenue for the nine months ended Sept. 30, 2011, compared with anet loss of $2.74 million on $142,844 of net revenue for the sameperiod a year ago.

The Company's restated balance sheet as of Sept. 30, 2011, showed$9.41 million in total assets, $452,569 in total liabilities and $$8.96 million in total stockholders' equity, compared with$9.41 million in total assets, $159,814 in total liabilities and$9.25 million in total stockholders' equity as originallyreported.

Waxess Holdings, Inc., is a technology firm, located in NewportBeach, Calif., that was incorporated in 2008 and develops andmarkets phone terminals capable of converging traditionallandline, cellular and data services based on its patentportfolio. Waxess currently offers its DM1000 (cell@home) productthrough various channels, including several of the major UScarriers, and is working to bring its higher performance, lowercost next generation DM1500 and MAT1000 products to the market.

As reported by the TCR on May 30, 2011, Jonathon P. Reuben, C.P.A.Accountancy Corporation, in Torrance, California, expressedsubstantial doubt about Waxess Holdings' ability to continue as agoing concern, following the Company's 2010 results. Theindependent auditors noted that the Company has incurred netlosses since inception, and as of Dec. 31, 2010, had anaccumulated deficit of $192,863.

WEST END: Files Disclosures for First Amended Liquidating Plan--------------------------------------------------------------West End Financial Advisors LLC has filed a disclosure statementfor its First Amended Plan of Liquidation, which contemplates thetransfer of all of the Debtor's assets to a grantor trust whichwill be administered by the Plan Administrator.

The creditor distributions will be funded, subject to theprovisions of the Plan, from the Plan Administrator's cash onhand, the Budget Funds, monetization of the Post-ConfirmationEstate Assets, the Post-Confirmation WEMFF/WEFIP Funds as setforth in section 6.6 of the Plan, recoveries, if any, from thepursuit of alleged preference and fraudulent conveyance claims andpursuit of other claims held by the estate against third parties.

The Debtor projects that the Holders of Claims in Classes 1(Priority Non-Tax Claims), 2 (Secured Claims) and 3 (Non-InvestorUnsecured Claims) will be paid in full under the terms of thePlan.

There are $12.5 million in Class 2 Secured Claims, and$6.6 million in Class 3 Non-Investor Unsecured Claims.Under the plan, Class 2 secured claims will be paid over time,with interest.

Class 3 Non-Investor Unsecured Claims will receive the Cashdistributed from the Post-Confirmation Estate in the time andmanner set forth in the Plan and the Post-Confirmation EstateAgreement.

The Debtor is unable to set forth with numerical specificity theestimated distributions to Class 4 (Investor Creditor UnsecuredClaims) Claim Holders. The Debtors do not know at this point intime whether the Plan Administrator will seek to sell the Estate'sinterests in the Hard Money Fund and the Franchise Fund prior tothe maturity of the loans contained in those portfolios, and ifthe Debtor's interests are sold, what discount, if any, might beagreed to by the Plan Administrator and the purchaser of theportfolio. In addition, it is assumed that the Plan Administratorwould sell the portfolios in such a manner so as to not triggerpenalties, which may be as much as $12,000,000, relating tobreaking the interest rate hedging agreements in place inconnection with the portfolio. The estimated amount of AllowedClass 4 Claims is $84,602,309. Subject to payment in full of, orA Disputed Claims Reserve for, all Class 3 Non-Investor UnsecuredClaims, each holder of a Class 4 Investor Unsecured Claim willreceive such holder's Pro Rata Share of the Cash distributed bythe Post-Confirmation Estate in the time and manner set forth inthe Plan and the Post-Confirmation Estate Agreement.

Class 5 Interests in the Debtor are held by L/C Family Trust, anentity owned by Louise Crandall, William Landberg's wife. On theEffective Date, all outstanding Interests in the Debtor will becanceled and deemed terminated and of no force and effect and theHolders of such Interests will not be entitled to retain orreceive any property on account of such Interest.

A copy of the First Amended Disclosure Statement dated as ofNov. 15, 2011, is available for free at:

William Landberg created WEFA in 2000 as an investment andfinancial management company. Subsequently he purchased SentinelInvestment Management Corp., a boutique investment advisorycompany. Sentinel and WEFA targeted individual private clientsfor investments in fixed income funds and alternative investmentproducts. Mr. Landberg's ultimately resigned from all West Endrelated entities effective June 2, 2009, following a probe onmisappropriation of funds.

Schedules of assets and liabilities for West End and itsfunds showed assets of $400,000 and debt of $6.7 million, notincluding $66 million from investors who may or may not beconsidered creditors. Debt includes $5.5 million in securedclaims, according to the schedules.

West End Financial filed a plan of liquidation in bankruptcy courtin August.

WINTHROP HOTEL: Files for Bankruptcy to Force Bank to Negotiate---------------------------------------------------------------Kathleen Cooper at the News Tribune reports that attorney BrettWittner, representing Winthrop Hotel LLC, said the company filedfor Chapter 11 protection to force Union Bank to negotiate, and toensure the $2 million loan of the City of Tacoma, Washington, ispaid.

According to the report, Union Bank and Tacoma together financedPrium's $6.5 million purchase in 2007. Prium promised to convertthe Winthrop into a historic boutique hotel and condos. Theypromised to build new units of affordable housing. They had 36months.

"Our fear is (the bank will) liquidate the property, then not paythe city, and not pay unsecured creditors," the report quotes Mr.Wittner as saying. Mr. Wittner said he's confident a deal will beworked out that ensures both Union and the city's loans are paid.

The report relates that Mr. Wittner said his clients believe UnionBank is being unreasonable. Plus, they're concerned about havingto personally repay the $2 million city loan if the bank sells thebuilding out from under them.

News Tribune notes that the City of Tacoma loaned $2 million toWinthrop Hotel LLC in 2007 as part of an attempt to take the 1925Winthrop back to its roots. Frontier Bank was the primary lenderwith $4.5 million, which has been paid down to $4.1 million. Thebuilding is collateral on both loans.

The report adds that the city's loan came from a revolving fund offederal money intended to help with economic development. It wasa 60-month loan, with quarterly interest-only payments of 4%. Itrelied on Frontier Bank's due diligence, city documents show, andFrontier believed Prium was a good risk.

Z TRIM HOLDINGS: Forms Advisory Board to Assist in Planning-----------------------------------------------------------Z Trim Holdings, Inc., has formed a Board of Advisors to assistmanagement and its Board of Directors in strategic planning andbusiness development initiatives.

The initial members of the Board of Advisors include former SeniorLevel executives from some of the largest organizations in thefood industry. Listed in alphabetical order, the initial membersare:

* Gordon Brunner - Former CTO at Procter & Gamble * Roger Enrico - Former CEO of PepsiCo * Jack Greenberg - Former CEO of McDonald's * James Lawrence - Former CFO of Unilever and General Mills * Rick Lenny - Former CEO of Hershey's * Dick Mayer - Former CEO of Kraft Foods and Kentucky Fried Chicken * Bob Morrison - Former CEO of Quaker Oats and Kraft Foods * Robert Shapiro - Former CEO of Monsanto and the NutraSweet division of G.D Searle and Company

Acting through Brightline Ventures, a New York-based investmentfirm, each of these advisors have invested in the Companyfollowing due diligence. Brightline has invested over $11.4million in Z Trim Holdings and is the Company's largestinstitutional investor.

"We are extremely pleased to have such a strong and experiencedgroup of advisors join the Z Trim team," said CEO Steve Cohen."Not only do we have the benefit of a deep pool of talentedexecutives to help guide us, but it's gratifying to know that eachhave decided to personally invest in the company after learningmore about our products and impact they can have on global foodproduction. In 2011, we have added significant pieces - anagreement with a high-capacity toll manufacturer, a network ofingredient distributors, and now, a stellar group of advisors - tobegin to fulfill the promise of our revolutionary products."

"Z Trim is a unique ingredient that solves a number of problemsfor food companies, starting with cost reduction," said DickMayer, a Former CEO of Kraft Foods and Kentucky Fried Chicken"Beyond that, it adds functionality to the product throughmoisture management. The fact that it has already shown theability to enhance a number of high volume products from leadingmanufacturers is a very strong indicator of its potential in thefood industry."

"Now that the Company has taken steps to put a plan in place toaddress production capacity constraints by entering into anagreement with toll manufacturer Aveka, I look forward to helpingthe company capitalize upon its opportunity within its $30 billionaddressable market," said Roger Enrico, a Former CEO of PepsiCo.

According to Former CEO of McDonald's Jack Greenberg, "Aningredient like Z Trim that can simultaneously reduce cost whileimproving the taste and nutritional characteristics of an endproduct could be very valuable to the quick service restaurantindustry."

Former Chief Technology Officer of Procter & Gamble Gordon Brunneradded, "I am pleased to see that the Company has taken steps toscale its production process effectively. The next few yearsshould be very exciting."

The Company reported a net loss of $10.91 million on $903,780 intotal revenues for the year ended Dec. 31, 2010, compared with anet loss of $12.21 million on $559,910 of revenue during the prioryear.

The Company's balance sheet at June 30, 2011, showed $6.50 millionin total assets, $16.09 million in total liabilities, $1.52million in total commitment and contingencies, and a $11.11million total stockholders' deficit.

As reported in the Troubled Company Reporter on April 12, 2010,M&K, CPAs, PLLC, in Houston, expressed substantial doubt about theCompany's ability to continue as a going concern, following its2009 results. The independent auditors noted that the Company hassuffered recurring losses from operations and requires additionalfinancing to continue in operation.

The Company said that for the year ended Dec. 31, 2009, it did nothave enough cash on hand to meet its current liabilities or tofund on-going operations beyond one year. As a result, the reportof independent registered public accounting firm included anexplanatory paragraph in respect to the substantial doubt of theCompany's ability to continue as a going concern.

The Company's cash on hand as of Dec. 31, 2010 is $2,327,013.Since June 2010, the Company brought in $8,170,988 in fundsthrough the sale of Preferred Stock, and our investors convertedapproximately $8,100,000 of convertible debt into common stock.In addition to the fundraising efforts, the Company intends tomake capital expenditures necessary to increase its capacity andto reduce its cost per pound. Due to the expected increase inproduction capacity, the Company anticipates its sales for fiscalyear ended Dec. 31, 2011 will approximately double those of fiscalyear ended Dec. 31, 2010.

Although the Company has recurring operating losses and negativecash flows from operating activities, the Company has positiveworking capital and believe it has enough cash on hand to satisfycurrent obligations. If the Company is unsuccessful in its plansto increase revenue and capacity, the impact may have a materialimpairment on its ability to continue as a going concern.

* Debt Overhang Begins to Shrink as Consumers Scale Down--------------------------------------------------------Dow Jones' DBR Small Cap reports that Americans shed more debtover the summer, largely by defaulting, paying down debt andtaking out fewer and smaller home loans, according to a reportthat has mixed implications for the economy.

* Restructuring Experts Balk at Muni Meltdown Prediction--------------------------------------------------------Dow Jones' DBR Small Cap reports that a panel of restructuringexperts said, "Sorry, Meredith Whitney, but your prediction ofhundreds of billions of dollars in municipal bond defaults willjust not come to pass." The report relates the expert pointed tonot only a lack of political will but also to legal hurdles forcounties, cities and other municipal entities.

Monday's edition of the TCR delivers a list of indicative pricesfor bond issues that reportedly trade well below par. Prices areobtained by TCR editors from a variety of outside sources duringthe prior week we think are reliable. Those sources may not,however, be complete or accurate. The Monday Bond Pricing tableis compiled on the Friday prior to publication. Prices reportedare not intended to reflect actual trades. Prices for actualtrades are probably different. Our objective is to shareinformation, not make markets in publicly traded securities.Nothing in the TCR constitutes an offer or solicitation to buy orsell any security of any kind. It is likely that some entityaffiliated with a TCR editor holds some position in the issuers"public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies withinsolvent balance sheets whose shares trade higher than $3 pershare in public markets. At first glance, this list may look likethe definitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in eachWednesday's edition of the TCR. Submissions about insolvency-related conferences are encouraged. Send announcements toconferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filedChapter 11 cases involving less than $1,000,000 in assets andliabilities delivered to nation's bankruptcy courts. The listincludes links to freely downloadable images of these small-dollarpetitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book ofinterest to troubled company professionals. All titles areavailable at your local bookstore or through Amazon.com. Go tohttp://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday editionof the TCR.

The Sunday TCR delivers securitization rating news from the weekthen-ending.

For copies of court documents filed in the District of Delaware,please contact Vito at Parcels, Inc., at 302-658-9911. Forbankruptcy documents filed in cases pending outside the Districtof Delaware, contact Ken Troubh at Nationwide Research &Consulting at 207/791-2852.

This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers. Information containedherein is obtained from sources believed to be reliable, but isnot guaranteed.

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